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The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000   Dec. 31 bal P18,000   Finished Goods Jan 1 bal. P90,000 ? Credits Debits ?   Dec. 31 bal P72,000   Factory Overhead Debits P111,000 ? Credits   Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ?     Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal   P99,000 Credits   Cost of Goods Sold Debits ?     The amount of over- (under-) applied overhead is a.(P1,500)         b.P10,500 c. P1,500                d.(P10,500)

The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000   Dec. 31 bal P18,000   Finished Goods Jan 1 bal. P90,000 ? Credits Debits ?   Dec. 31 bal P72,000   Factory Overhead Debits P111,000 ? Credits   Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ?     Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal   P99,000 Credits   Cost of Goods Sold Debits ?     The amount of over- (under-) applied overhead is a.(P1,500)         b.P10,500 c. P1,500                d.(P10,500)

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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The T-accounts below provide selected data about Company J’s financial results for the year:

Raw Materials Inventory

Jan 1 bal. P22,500

? Credits

Debits P75,000

 

Dec. 31 bal P18,000

 

Finished Goods

Jan 1 bal. P90,000

? Credits

Debits ?

 

Dec. 31 bal P72,000

 

Factory Overhead

Debits P111,000

? Credits

 

Work In Process

Jan 1 bal. P52,500

P282,000 Credits

Direct Materials P72,000

Direct Labor P90,000

Factory Overhead P112,500

Dec 31 Bal. ?

 

 

Manufacturing Wages Payable

Debits P111,000

P66,000 Jan 1 Bal

 

P99,000 Credits

 

Cost of Goods Sold

Debits ?

 

 

The amount of over- (under-) applied overhead is

a.(P1,500)        
b.P10,500
c. P1,500               
d.(P10,500)            
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