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Worley Company has under applied overhead of P45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Worley's accounting records were
Worley Company has under applied overhead of P45,000 for the year. Before disposition of the underapplied overhead, selected year-end balances from Worley's accounting records were Sales P1.200,000 Cost of Goods Sold P720.000 Direct Materials Inventory P36.000 Work in Process Inventory P54.000 Finished Goods Inventory P90.000 Under Worley's cost accounting system, over or under applied overhead is allocated to appropriate inventories and cost of goods sold based on year-end balances in it's year end income statement. Worley should report cost of goods sold of
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