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January 1 P 30,000 15,000 65,000 Inventories Direct materials January 31 P 40,000 20,000 50,000 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

January 1 P 30,000 15,000 65,000 Inventories Direct materials January 31 P 40,000 20,000 50,000 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

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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14.

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?
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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