Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end: Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000.Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory.Jobs 101 & 102 were sold for $250,000 & $390,000 respectively.Given that any balance in the Manufacturing overhead account was adjusted to zero at year-end, what was the adjusted Cost of Goods Sold?

Step 1 Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.

Answered: Comfort Shoes Manufacturing Company…

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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Comfort Shoes Manufacturing Company began business on January 1, 2016. During its first year of operation, Comfort Shoes worked on 5 jobs, and reported the following information at year-end:

Actual manufacturing overheads incurred on Jobs 101 – 105 during the period amounted to $189,000.
Jobs 101 – 104 were completed and transferred out to Finished Goods Inventory.
Jobs 101 & 102 were sold for $250,000 & $390,000 respectively.

Given that any balance in the Manufacturing overhead account was adjusted to zero at year-end, what was the adjusted Cost of Goods Sold?

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