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Problem 2 Summit Company provide the cost data for the month of January Inventories: January 1 January 31 Direct materials P30, 000 P40, 000 WIP
Problem 2
Summit Company provide the cost data for the month of January
Inventories: January 1 January 31
Direct materials P30, 000 P40, 000
WIP P15, 000 P20, 000
Finished Goods P65, 000 P50, 000
Factory overhead applied P150, 000
Cost of goods manufactured P515, 000
Direct materials used P190, 000
Actual FOH P144, 000
Required:
- Adjusted COGS if under or over-applied overhead were closed to COGS 24,000
- Adjusted COGS if under or -applied overhead were allocated to inventories and COGS. 28,200
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