Cost of goods sold ? Financial accounting Cedar Grove Ltd. reported a cost of goods manufactured lastmonth as $175,000. Beginning finished goods inventory was$42,000, and ending finished goods inventory was $54,000.Overhead was underapplied by $8,500. Any underapplied oroverapplied overhead is closed directly to the cost of goodssold.How much is the adjusted cost of goods sold on Cedar GroveLtd.'s Schedule of Cost of Goods Sold?

To calculate the adjusted cost of goods sold (COGS), follow these steps: Step 1: Compute the…

Answered: Cedar Grove Ltd. reported a cost of…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Richie Manufacturing had underapplied overhead of $42,000 in 20X0. Before adjusting for overapplied or underapplied overhead, the ending inventories for direct materials, WIP, and finished goods were $71,000, $161,000, and $138,000, respectively. Unadjusted cost of goods sold was $276,000. 1. Assume that the $42,000 was written off solely as an adjustment to cost of goods sold. Compute the adjusted cost of goods sold. 2. Management has decided to prorate the $42,000 to the appropriate accounts (using the unadjusted ending balances) instead of writing it off solely as an adjustment of cost of good sold. Would gross profit be highter or lower than in requirement 1? By how much?
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Vogel Corporation’s cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold? Multiple Choice A. $171,000 B. $117,000 C. $123,000 D. $136,000
Richie Manufacturing had underapplied overhead of $42,000 in 20X0. Before adjusting for overappied or underapplied overhead, the ending inventories for direct materials, WIP, and finished goods were $71,000, $161,000, and $138,000 repectively. Unadjusted cost of goods sold was $276,000. 1. Assume that the $42,000 was written off solely as an adjustment to cost of goods sold. Compute the adjusted cost of goods sold. 2. Management has decided to prorate the $42,000 to the appropriate accounts (using the unadjusted ending balances) instead of writing it off solely as an adjustment of cost of goods sold. Would gross profit be igher or lower than in requirement 1? By how much?

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