At the end of 2018, Peter Senen Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Any under-or over-applied overhead is considered material.

At the end of 2018, Peter Senen Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Any under-or over-applied overhead is considered material.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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