Gest Inc. has provided the following data for the month of November. The balance

Question

Gest Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $74,000 and at the end of the month was $67,500. The cost of goods manufactured for the month was $339,000. The actual manufacturing overhead cost incurred was $111,000 and the manufacturing overhead cost applied to jobs was $105,000. The adjusted cost of goods sold that would appear on the income statement for November is: $339,000 $345,000 $333,000 $351,500

Explanation / Answer

$351,500

FINISHED GOODS A/C

To Manufacturing overhead cost

(111,000-105,0000)

Particulars Debit($) Particulars Credit($) To Opening balance 74,000 To Cost of goods manufactured 339,000 By Cost of goods sold 351,500

To Manufacturing overhead cost

(111,000-105,0000)

6,000 By Closing balance 67,500 419,000 419,000

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