Reference no: EM133091806

Question - At the end of 2018, PENNY Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control:

Manufacturing overhead control: P20,000 cr.

Cost of goods sold 384,000 dr.

Finished goods 96,000 dr.

Work in process 160,000 dr.

Raw materials 160,000 dr.

Any under -or over-applied overhead is considered immaterial.

1. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?

2. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead?

3. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?