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CoursHeroTranscribedText: 2, Marco Company has underapplied factory overhead of P90,000 for the year ended December...

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Accounting

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CoursHeroTranscribedText: 2, Marco Company has underapplied factory overhead of P90,000 for the year ended December 31, 20x1: Before disposition of the underapplied overhead, selected December 31, 2021, balances from Jacque's accounting records are as follows: Sales, P2,400,000; Cost of goods sold, P1,440,000. Inventories: Direct materials, P72,000; Work-in-process, P108,000; Finished goods, P180,000. Under Jacque's cost accounting system, over or underapplied overhead is allocated to appropriate inventories and cost of goods sold based on year-end balances. In its 20x1 income statement, Marco should report cost of goods sold of

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