C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C’s accounting records are as follows: Sales P1,200,000 Cost of goods sold 720,000 Inventories: Direct materials 36,000 Work in process 54,000 Finished goods 90,000 Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of Please write your answer
C Company has underapplied factory overhead of P45,000 for the year ended December 31, 2008. Before disposition of the underapplied overhead, selected December 31, 2008, balances from C’s accounting records are as follows: Sales P1,200,000 Cost of goods sold 720,000 Inventories: Direct materials 36,000 Work in process 54,000 Finished goods 90,000 Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of Please write your answer
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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C Company has underapplied factory
Sales P1,200,000
Cost of goods sold 720,000
Inventories:
Direct materials 36,000
Work in process 54,000
Finished goods 90,000
Under C’s cost accounting system, over – or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year – end balances. In its 2008 income statement, C should report cost of goods sold of
Please write your answer
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