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For the year, manufacturing overhead was underapplied by $220,000. If Dawn prorates the underapplied overhead, what is the ending balance of the Finished Goods Inventory?

For the year, manufacturing overhead was underapplied by $220,000. If Dawn prorates the underapplied overhead, what is the ending balance of the Finished Goods Inventory?

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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3. Dawn Manufacturing produces industrial light fixtures. For the year, management estimated that total manufacturing overhead would be $1,120,000. Management decided to use direct labor hours to apply manufacturing overhead and budgeted 144,600 direct labor hours. The following information was compiled before an adjustment had been made to close Manufacturing Overhead Control: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold $124,600 $464,220 $432,870 $2,340,900 For the year, manufacturing overhead was underapplied by $220,000. If Dawn prorates the underapplied overhead, what is the ending balance of the Finished Goods Inventory?
Transcribed Image Text:3. Dawn Manufacturing produces industrial light fixtures. For the year, management estimated that total manufacturing overhead would be $1,120,000. Management decided to use direct labor hours to apply manufacturing overhead and budgeted 144,600 direct labor hours. The following information was compiled before an adjustment had been made to close Manufacturing Overhead Control: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold $124,600 $464,220 $432,870 $2,340,900 For the year, manufacturing overhead was underapplied by $220,000. If Dawn prorates the underapplied overhead, what is the ending balance of the Finished Goods Inventory?
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