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What the company should report cogs of

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Peter Senen Company has over applied overhead of P60,000 for the year. Before disposition of over applied overhead, selected year end balances from Peter Senen Company's accounting records were:

Sales P1,000,000

Cost of Goods Sold 750,000

Direct Material Inventory 50,000

Work in process inventory 180,000

Finished goods inventory 270,000

Problem 1: Under Peter Senen Company's accounting system, over or under applied overhead is allocated to appropriate inventories and COGS based on year end balances. In its year end Income statement, the Company should report COGS of:

a. P714,000

b. P787,500

c. P712,500

d. P730,000

Reference no: EM132738572

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