Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Help pleasee write answer

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. A. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead? B. What is the adjusted balance of finished goods inventory after disposing the under-or over- applied overhead?
Transcribed Image Text: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. A. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead? B. What is the adjusted balance of finished goods inventory after disposing the under-or over- applied overhead?
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Checking Accounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS