Lorien Ltd. has provided the following data for the month of October: a. The balance in the Finished Goods inventory account at the beginning of the month was $64,000 and at the end of the month was $32,500. b. The cost of goods manufactured for the month was $210,000. c. The actual manufacturing overhead cost incurred was $72,600 and the manufacturing overhead cost applied to Work in Process was $76,100. d. The company closes out any underapplied or overapplied manufacturing overhead to the cost of goods sold. What is the adjusted cost of goods sold that would appear on the income statement for October?
Lorien Ltd. has provided the following data for the month of October: a. The balance in the Finished Goods inventory account at the beginning of the month was $64,000 and at the end of the month was $32,500. b. The cost of goods manufactured for the month was $210,000. c. The actual manufacturing overhead cost incurred was $72,600 and the manufacturing overhead cost applied to Work in Process was $76,100. d. The company closes out any underapplied or overapplied manufacturing overhead to the cost of goods sold. What is the adjusted cost of goods sold that would appear on the income statement for October?
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 8P: OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending...
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What is the adjusted cost of goods sold that would appear on the income statement for October ?

Transcribed Image Text:Lorien Ltd. has provided the following data for the month of October:
a. The balance in the Finished Goods inventory account at the
beginning of the month was $64,000 and at the end of the month was
$32,500.
b. The cost of goods manufactured for the month was $210,000.
c. The actual manufacturing overhead cost incurred was $72,600 and
the manufacturing overhead cost applied to Work in Process was
$76,100.
d. The company closes out any underapplied or overapplied
manufacturing overhead to the cost of goods sold.
What is the adjusted cost of goods sold that would appear on the
income statement for October?
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