WILMA COMPANY has underpplied overhead of P 45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Wilma's accounting records were: 5. Sales 1,200,000 Cost of goods sold Direct materials inventory Work-in-process inventory Finished goods inventory 720,000 56,000 54,000 90,000 Under Wilma'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 year-end income statement, Wilma should report CGS of: A P 682,500 В P 684,000 C P 757,500 D P 765,000
WILMA COMPANY has underpplied overhead of P 45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Wilma's accounting records were: 5. Sales 1,200,000 Cost of goods sold Direct materials inventory Work-in-process inventory Finished goods inventory 720,000 56,000 54,000 90,000 Under Wilma'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 year-end income statement, Wilma should report CGS of: A P 682,500 В P 684,000 C P 757,500 D P 765,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 1CP
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