1. For this numeric question, 10 points.

What is the balance of Cost of Sales after closing the overhead variance?

Occasion Shop, Inc., keeps accounting and cost records on a personal computer. During the month of January, data were lost as a result of errors made by a new operator. Fortunately, some data were retrieved and are set forth as follows: a. The debit balance in the payroll account was P130,000. This balance included P20,000 in Indirect labor that was charged to the factory overhead. b. The debit balance in the factory overhead account totalled P166,000 while the total credit totalled P165.000 c. work in process account showed a January 1 balance of P 91,000. Materials requisitioned and charged to work in process during the period amounted to P 98,000. The balance in work in process on January 31, was P82,000. d. The finished goods balance at January 1 was P48,000 e. Cost of goods sold had a debit balance of P 389,000. This amount did not include under- applied factory overhead 14. The balance of Cost of Sales after closing the overhead variance is