The TLX-71762 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Itspredetermined overhead rate was based on a cost formula that estimated $207,000 of manufacturing overhead and an estimated allocationbase of $ 90,000 in direct labor cost. The company has provided the following data:Raw Materials Inventory (all direct)Beginning$28,000Ending$13,000Work in Process InventoryFinished Goods Inventory$ 48,000$68,000$ 35,000$68,000The following actual costs were incurred during the year:Purchase of raw materials (all direct)Direct labor costManufacturing overhead cost$ 100,000$110,000$150,000Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjustedCost of Goods Sold?Multiple Choice$491,000$388,000$478,000О$ 503,000О$ 594,000

Name: The TLX-71762 company operates a job-order costing system and applies
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Description: The TLX-71762 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Itspredetermined overhead rate was based on a cost formula that estimated $207,000 of manufacturing overhead and an estima

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The TLX-71762 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $207,000 of manufacturing overhead and an estimated allocation base of $ 90,000 in direct labor cost. The company has provided the following data: Raw Materials Inventory (all direct) Beginning $ 28,000 Work in Process Inventory $ 48,000 Finished Goods Inventory $ 68,000 Ending $13,000 $35,000 $ 68,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost $ 100,000 $110,000 $ 150,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjusted Cost of Goods Sold?

The TLX-71762 company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $207,000 of manufacturing overhead and an estimated allocation base of $ 90,000 in direct labor cost. The company has provided the following data: Raw Materials Inventory (all direct) Beginning $ 28,000 Work in Process Inventory $ 48,000 Finished Goods Inventory $ 68,000 Ending $13,000 $35,000 $ 68,000 The following actual costs were incurred during the year: Purchase of raw materials (all direct) Direct labor cost Manufacturing overhead cost $ 100,000 $110,000 $ 150,000 Suppose the company closes out any under- or over-applied overhead cost to Cost of Goods Sold. How much was the company's adjusted Cost of Goods Sold?

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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