Find how cost of goods sold for the month of june should be

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Reference no: EM132667132

Data about Maritz Company's production and inventories for the month of June are as follows:

Purchases - Direct materials P143,440

Freight-in P5,000

Purchase returns and allowances P2,440

Direct labor P175,000

Actual factory overhead P120,000

Inventories:

Finished goods P68,000 P56,000

Work in Process P110,000 P135,000

Direct materials P52,000 P44,000

Maritz Company applies factory overhead to production at 80% of direct labor cost. Over or under applied overhead is closed to cost of goods sold at year-end. The company's accounting period is on the calendar year basis.

Problem 1: Maritz Company's cost of goods sold for June was _________.

Problem 2: The journal entry for adjustment of cost of goods sold is _______.

Problem 3: The amount of over/under applied overhead factory for the month of June was ________.

Problem 4: The cost of goods sold for the month of June should be increased (decreased) by the amount of over/under applied factory overhead of

Reference no: EM132667132

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