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5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑

5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑
Transcribed Image Text:5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑
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