Solution-Complete the pretax income for the current year

Complete the pretax income for the current year

Reference no: EM132848963

Question - Lead Company has P945,000, Work in Process; P2,835,000, Finished Goods inventories; and P1,260,000, Raw Materials; at the close of business on December 31 of the current year. The balances of Chameleon's accounts as of December 31 are as follows: Cost of goods sold-unadjusted - P2,520,000; Selling & administrative expenses - P950,000; Sales - P4,000,000; Manufacturing overhead control - P800,000; Manufacturing overhead applied - P754,000. The under/over applied overhead is considered material. Complete the Pretax income for the current year?

a. P514,667

b. P484,000

c. P530,000

d. P511,600

Reference no: EM132848963

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Complete the pretax income for the current year

Reference no: EM132848963

Reference no: EM132848963

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