Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of 2019, Alonzo Companys manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of

At the end of 2019, Alonzo Companys manufacturing inventory and expense accounts held the following costs.

Work in Process Inventory

Finished Goods Inventory

Cost of Goods Sold

Direct Materials

P120,000

P190,000

P350,000

Direct Labor

P100,000

P250,000

P580,000

Factory Overhead

P60,000

P300,000

P480,000

Alonzos accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero.

Over/underapplied overhead are to be allocated to appropriate inventories

how much is the Adjusted Finished Goods inventory?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

14th Edition

1292209178, 9781292209173

More Books

Students also viewed these Accounting questions

Question

Discuss the importance of linking pay to ethical behavior.

Answered: 1 week ago

Question

Explain how to reward individual and team performance.

Answered: 1 week ago