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What is balance of cost of goods sold after closing variance

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Reference no: EM132867206

Problem - Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts:

Work in Process P250,000

Finished Goods 150,000

Cost of goods sold 850,000

Required - Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?

Reference no: EM132867206

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