Summit Company has provided the following inventory balances and manufacturing cost data for the month of January: Inventories January 1 January 31 Direct Materials P30,000 P40,000 Work in Process 15,000 20,000 Finished Goods 65,000 50,000 Month of January Cost of Goods Sold Manufactured P515,000 Factory Overhead Applied 150,000 Direct Material Used 190,00
Summit Company has provided the following inventory balances and manufacturing cost data for the month of January: Inventories January 1 January 31 Direct Materials P30,000 P40,000 Work in Process 15,000 20,000 Finished Goods 65,000 50,000 Month of January Cost of Goods Sold Manufactured P515,000 Factory Overhead Applied 150,000 Direct Material Used 190,00
Chapter5: Process Costing
Section: Chapter Questions
Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...
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Question
Summit Company has provided the following inventory balances and
Inventories | January 1 | January 31 |
Direct Materials | P30,000 | P40,000 |
Work in Process | 15,000 | 20,000 |
Finished Goods | 65,000 | 50,000 |
Month of January
Cost of Goods Sold Manufactured | P515,000 |
Factory |
150,000 |
Direct Material Used | 190,000 |
Actual Factory Overhead | 144,000 |
Under Summit's
Question: What would cost of goods sold be if under or overapplied overhead is close to the cost of goods sold?
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