The records of Nysa Company revealed the following for the current year: Work-in-process inventory, P73,150 Finished goods inventory, P115,000 Cost of goods sold, P133,650 Direct labor, P111,600 Direct materials, P84,200 34. Assume, for this question only, actual overhead is P98,700 and applied overhead is P93,250. Manufacturing overhead application variance is? (Indicate whether underapplied or overapplied) 35. Assume that Nysa has underapplied overhead of P37,200 and that this amount is material. How much will be debited in the work-in-process inventory account to close the overhead account? 36. Assume that Nysa has underapplied overhead of P10,000 and that this amount is immaterial. What is the balance of cost of goods sold after the underapplied overhead has been closed? 37. Assume that Nysa has overapplied overhead of P25,000 and that this amount is material. What is the balance in cost of goods sold after the overapplied overhead has been closed?

The records of Nysa Company revealed the following for the current year: Work-in-process inventory, P73,150 Finished goods inventory, P115,000 Cost of goods sold, P133,650 Direct labor, P111,600 Direct materials, P84,200 34. Assume, for this question only, actual overhead is P98,700 and applied overhead is P93,250. Manufacturing overhead application variance is? (Indicate whether underapplied or overapplied) 35. Assume that Nysa has underapplied overhead of P37,200 and that this amount is material. How much will be debited in the work-in-process inventory account to close the overhead account? 36. Assume that Nysa has underapplied overhead of P10,000 and that this amount is immaterial. What is the balance of cost of goods sold after the underapplied overhead has been closed? 37. Assume that Nysa has overapplied overhead of P25,000 and that this amount is material. What is the balance in cost of goods sold after the overapplied overhead has been closed?

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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