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bezimeni [28]
2 years ago
6

Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accoun

ts had applied overhead costs of $57,500 and $20,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $74,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $77,500 at the end of 2020. If the under- or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, what will be the Cost of Goods Sold balance after the proration
Business
1 answer:
stiks02 [169]2 years ago
3 0

Answer:

COGS will decrease by 2,597 dollars as will decrease by the proration of the factory overhead

Explanation:

we do cross mutiplication to solve for the COGS and FG based on actual overhead

           <em>  applied                actual</em>

<em>COGS</em>     57,500               54,903     *A

<em>FG</em>      <u>    20,000   </u>          <u>   19,067  </u>   *B

<em>Total</em>       77, 500               74,000

*A)   57,500 x  74,000/77,500 = 54,903

*B)   20,000 x 74,000/77,500 =  19,097

Decrease in COGS 57,500 - 54,903 = 2,597

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