Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process P250,000 150,000 850,000 Finishehd Goods Cost of goods sold 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?.

Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process P250,000 150,000 850,000 Finishehd Goods Cost of goods sold 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?.

Name: Cotton On Manufacturing Company had remaining credit balance of P10,0
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Description: Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factoryoverhead account at year end. It also had the year-end balances in the following accounts:Work in ProcessP250,000150,000850,000Finishehd GoodsCost of goods sold17.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter23: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 9DQ: At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the...

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