ed Company provided the inventory balances and manufacturing cost data for the month o January below: Inventories January 1 P 30,000 15,000 65,000 January 31 P 40,000 20,000 50,000 Direct materials Work in process Finished goods Factory overhead applied Cost of goods manufactured Direct materials used Month of January P150,000 515,000 190,000 Actual factory overhead 144,000 Under Jared's cost system, any over- and underapplied overhead is closed to the cost c goods sold account at the end of the calendar year. What would cost of goods sold be under- or overapplied overhead were closed to cost of goods sold?
ed Company provided the inventory balances and manufacturing cost data for the month o January below: Inventories January 1 P 30,000 15,000 65,000 January 31 P 40,000 20,000 50,000 Direct materials Work in process Finished goods Factory overhead applied Cost of goods manufactured Direct materials used Month of January P150,000 515,000 190,000 Actual factory overhead 144,000 Under Jared's cost system, any over- and underapplied overhead is closed to the cost c goods sold account at the end of the calendar year. What would cost of goods sold be under- or overapplied overhead were closed to cost of goods sold?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What would cost of goods sold be if under- or overapplied
Transcribed Image Text:Jared Company provided the inventory balances and manufacturing cost data for the month of
January below:
January 1
P 30,000
15,000
65,000
January 31
P 40,000
Inventories
Direct materials
Work in process
Finished goods
20,000
50,000
Factory overhead applied
Cost of goods manufactured
Direct materials used
Month of January
P150,000
515,000
190,000
Actual factory overhead
144,000
Under Jared's cost system, any over- and underapplied overhead is closed to the cost of
goods sold account at the end of the calendar year. What would cost of goods sold be if
under- or overapplied overhead were closed to cost of goods sold?
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