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Find what is cost of goods sold for the year ended december

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Reference no: EM132773767

AAA Inc. is employing a sophisticated just in time manufacturing system. The company uses backflush costing for recording its production. The following transactions occurred for the year ended December 31, 2019:

Purchased Php170,000 raw materials on account

All materials purchased were requisitioned for production

Incurred direct labor costs of Php80,000

Actual factory overhead cost amounted to P122,000

All telephones were completed and sold

Problem 1: What is the cost of goods sold for the year ended December 31, 2019?

Reference no: EM132773767

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