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71. Banaba Company provided the inventory balances and manufactur- ing cost data for the month of January. Under Banabas cost system, any over-or underapplied overhead is closed to the cost of goods sold accounts at the end of the calendar year. Inventories January1 January 31 Direct material Work-in.process Finished goode P30,000 15,000 65,000 P40,000 20,000 50,000 Factory overhead applied Cost of goods manufactured Direct materials used Actual factory overhead Month of January P150,000 515,000 190,900 144,000 What is the cost of goods sold at actual costing? a. P509,000 b. P524,000 e. P530,000 d. P536,000
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Answer #1

Answer is b. P524,000

Explanation:

Calculation of cost of goods manufactured at actual costing:

Cost of goods manufactured = P 515000

Less: Factory overhead applied = P 150000

Add: Actual factory overhead = P 144000

Cost of goods manufactured at actual costing = P 509000

Calculation of cost of goods sold at actual costing:

Cost of goods manufactured at actual costing = P 509000

Add: Opening Finished Goods = P 65000

Less: Closing Finished Goods = P 50000

Cost of goods sold at actual costing = P 524000

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