Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at...

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Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process Finishehd Goods Cost of goods sold P250,000 150,000 850,000 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance? Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process Finishehd Goods Cost of goods sold P250,000 150,000 850,000 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?