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, P20,000 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.

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, P20,000 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. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead? 1