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