At the end of 2018, Furry Balls 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. Case 1: Any under -or over-applied overhead is considered immaterial. 17. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 18. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 19. What is the adjusted balance of work in process inventory after disposing the under -or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000 20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 21. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 22. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
At the end of 2018, Furry Balls Co. Had the following account balances after factory
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.
Case 1: Any under -or over-applied overhead is considered immaterial.
17. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead?
a. 364,000 b. 372,000 c. 396,000 d. 404,000
18. What is the adjusted balance of finished goods inventory after disposing the under-or
over-applied overhead?
a. 93,000 b. 96,000 c. 99,000 d. 102,000
19. What is the adjusted balance of work in process inventory after disposing the under -or
over-applied overhead?
a. 155,000 b. 160,000 c. 165,000 d. 170,000
20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead?
a. 364,000 b. 372,000 c. 396,000 d. 404,000
21. What is the adjusted balance of finished goods inventory after disposing the under-or
over-applied overhead?
a. 93,000 b. 96,000 c. 99,000 d. 102,000 22. What is the adjusted balance of work in process inventory after disposing the under-or
over-applied overhead?
a. 155,000 b. 160,000 c. 165,000 d. 170,000
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