At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter10: Accounting Systems For Manufacturing Operations
Section: Chapter Questions
Problem 10.11E
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At the end of 2018, Furry Balls Co. had the following account balances after factory
Manufacturing overhead control, PP20,000 dr.
Cost of goods sold, P384,000 dr.
Finished goods, P96,000 dr.
Work in process, P160,000 dr.
Raw materials, P160,000 dr.
Case 1: any under- or over- applied overhead is considered material.
a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead?
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