At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, PP20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over- applied overhead is considered material. a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 18P: Phillips Products, Inc. had a remaining credit balance of $10,000 in its under- and overapplied...
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At the end of 2018, Furry Balls Co. had the following account balances after factory
Manufacturing overhead control, PP20,000 dr.
Cost of goods sold, P384,000 dr.
Finished goods, P96,000 dr.
Work in process, P160,000 dr.
Raw materials, P160,000 dr.
Case 1: any under- or over- applied overhead is considered material.
a. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?
b. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead?
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