Before prorating the manufacturing overhead costs at the end of 2020, Westfield Industries had applied overhead costs of $64,500 in Cost of Goods Sold and $38,500 in Finished Goods Inventory. There was no Work-in-Process inventory at the beginning or end of 2020. During the year, actual manufacturing overhead costs incurred were $98,000, while the Applied Manufacturing Overhead account had a balance of $103,000 at year-end. If the under- or over applied overhead is prorated between the Cost of Goods Sold and the inventory accounts, what will be the Cost of Goods Sold after proration?

Before prorating the manufacturing overhead costs at the end of 2020, Westfield Industries had applied overhead costs of $64,500 in Cost of Goods Sold and $38,500 in Finished Goods Inventory. There was no Work-in-Process inventory at the beginning or end of 2020. During the year, actual manufacturing overhead costs incurred were $98,000, while the Applied Manufacturing Overhead account had a balance of $103,000 at year-end. If the under- or over applied overhead is prorated between the Cost of Goods Sold and the 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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