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Annette [7]
3 years ago
7

The manufacturing operations of a company had the following balances for the year: Beginning Balance Ending Balance Raw material

s $84,000 $91,000 Work in process $45,000 $59,000 Finished goods $28,000 $23,000 The company transferred $918,000 of completed goods out of work in process during the year. The overhead is underapplied by $3,000. What is the adjusted cost of goods sold for the year?
Business
1 answer:
Mekhanik [1.2K]3 years ago
3 0

Answer:

The Adjusted Cost of Goods Sold for the year is $926,000

Explanation:

The formula to compute COGS is:

Ending inventory = Opening inventory + Work in progress - Unadjusted COGS (Cost of Goods Sold)

$ 23,000 = $28,000 + 918,000 - COGS

COGS = $946,000 - $23,000

           = $ 923,000

The formula to compute the Adjusted Cost of Goods Sold is:

Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold + Under- applied overhead

= $923,000 + $3,000

= $926,000

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