Reference no: EM132562021
NESTLE Inc. is employing a sophisticated just-in-time manufacturing system. The company uses backflush costing for the recording its production. The following transactions occurred for the year ended December 31,2020:
Purchased P170,000 of raw materials on account
All materials purchased were requisitioned for production
Incurred direct labor costs of P80,000
Actual factory overhead costs amounted to P122,000
Applied conversion costs totaled P202,000 including direct labor cost of P80,000
All telephones were completed and sold
Question 1: What is the cost of goods sold for the year ended December 31,2020?
Option 1: 372,000
Option 2: 202,000
Option 3: 250,000
Option 4: 292,000
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