Question
The records of Phoenix Corporation revealed the following data for the current year. Work in Process $ 73,150 Finished Goods 115,000 Cost of Goods Sold
The records of Phoenix Corporation revealed the following data for the current year.
Work in Process $ 73,150
Finished Goods 115,000
Cost of Goods Sold 133,650
Direct Labor 111,600
Direct Material 84,200
Assume that Phoenix has overapplied overhead of $25,000 and that this amount is material. What is the balance in Cost of Goods Sold after the overapplied overhead is closed?
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Financial Accounting
Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby
4th Canadian Edition
0070001499, 9780070001497
