question archive ABC Corporation has provided the following data concerning manufacturing overhead for May: Actual manufacturing overhead incurred Rs
ABC Corporation has provided the following data concerning manufacturing overhead for May: Actual manufacturing overhead incurred Rs
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ABC Corporation has provided the following data concerning manufacturing overhead for May: Actual manufacturing overhead incurred Rs. 66,000 Manufacturing overhead applied to Work in Process Rs. 62,000 The Corporation's gross profit was Rs. 225,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. What would be the gross profit after closing the manufacturing overhead account:
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| Actual Manufacturing overhead | 66000 |
| Less: Manufacturing overhead applied | 62000 |
| Underapplied Manufacturing overhead | 4000 |
| Gross Profit | 225000 |
| Less: Underapplied Manufacturing overhead | 4000 |
| Gross Profit after closing Manufacturing Overhead | 221000 |
