What amount should the cost of goods sold be adjusted

Assignment Help Accounting Basics

Reference no: EM132703424

Sprint Company provided the following information for the month of July 2015:

Factory overhead incurred P 340,600

Applied factory overhead

Cost of goods sold P 217,000

Ending work in process inventory 62,000

Ending finished goods inventory 31,000

P 310,000

Problem 1: At what amount should the cost of goods sold be adjusted for the under- or overapplied factory overhead?

Option 1: P 21,420 debit

Option 2: P 21,420 credit

Option 3: P 30,600 debit

Option 4: P 30,600 credit

Reference no: EM132703424

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