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C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C’s accounting records are as follows: Sales P1,200,000 Cost of goods sold 720,000   Inventories: Direct materials 36,000 Work in process 54,000 Finished goods 90,000 Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of   Please write your answer

C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C’s accounting records are as follows: Sales P1,200,000 Cost of goods sold 720,000   Inventories: Direct materials 36,000 Work in process 54,000 Finished goods 90,000 Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of   Please write your answer

FINANCIAL ACCOUNTING
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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C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C’s accounting records are as follows:

Sales P1,200,000

Cost of goods sold 720,000

 

Inventories:

Direct materials 36,000

Work in process 54,000

Finished goods 90,000

Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of

 

Please write your answer

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