Camille Company has underapplied overhead of P45,000 for the year endedDecember 31. Before disposition of the underapplied overhead, selected December31 balances from Camille Company's records are as follows:Cost of goods soldInventoriesDirect materialsWork in processFinished goodsP 720,00036,00054,00090,000Under Camille's cost accounting system, over or underapplied overhead is allocatedto appropriate inventories and cost of goods sold based on year-end balances.In its income statement, Camille should report cost of goods sold ofP 682,500b.. P 684,000а.P 756,000d. P 757,500с.

Name: Camille Company has underapplied overhead of P45,000 for the year end
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Description: Camille Company has underapplied overhead of P45,000 for the year endedDecember 31. Before disposition of the underapplied overhead, selected December31 balances from Camille Company's records are as follows:Cost of goods soldInventoriesDirect mater

Total of inventory and cost of goods sold = cost of goods sold + direct materials + work in process…

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Camille Company has underapplied overhead of P45,000 for the year ended December 31. Before disposition of the underapplied overhead, selected December 31 balances from Camille Company's records are as follows: P 720,000 Cost of goods sold Inventories Direct materials Work in process Finished goods 36,000 54,000 90,000 Under Camille'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 income statement, Camille should report cost of goods sold of P 682,500 b.. P 684,000 а. c. P 756,000 d. P 757,500 с.

Camille Company has underapplied overhead of P45,000 for the year ended December 31. Before disposition of the underapplied overhead, selected December 31 balances from Camille Company's records are as follows: P 720,000 Cost of goods sold Inventories Direct materials Work in process Finished goods 36,000 54,000 90,000 Under Camille'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 income statement, Camille should report cost of goods sold of P 682,500 b.. P 684,000 а. c. P 756,000 d. P 757,500 с.

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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