At the end of 2024, before prorating manufacturing overhead costs, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $75,000 and $45,000 respectively. There was no Work-in-Process inventory at the beginning or end of 2024. The actual manufacturing overhead costs incurred during the year were $112,000. The balance in Applied Manufacturing Overhead was $120,000 at year-end. If the under-or overapplied overhead is prorated between Cost of Goods Sold and inventory accounts, what will be the Cost of Goods Sold after proration?

At the end of 2024, before prorating manufacturing overhead costs, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $75,000 and $45,000 respectively. There was no Work-in-Process inventory at the beginning or end of 2024. The actual manufacturing overhead costs incurred during the year were $112,000. The balance in Applied Manufacturing Overhead was $120,000 at year-end. If the under-or overapplied overhead is prorated between Cost of Goods Sold and inventory accounts, what will be the Cost of Goods Sold after proration?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 18E: Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory...

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