Keqwee Enterprises began the year with S165,700 of finished goods inventory. Dur

Question

Keqwee Enterprises began the year with S165,700 of finished goods inventory. During the year the company manufactured goods costing $689,200. At the end of the year, $194,100 of finished goods remained in inventory. Actual manufacturing overhead was $235,800, estimated manufacturing overhead was S230,000, and manufacturing overhead applied totaled $221,500. Over or under applied overhead is offset of Cost of Goods Sold n verhead applied totaled The actual cost of goods sold was: A) $660,800 B) $717,600 C) $675,100 D) S646,500 19.

Explanation / Answer

Calculate cost of goods sold :

so answer is c) $675,100

Beginning finished goods inventory 165700 Cost of goods manufactured 689200 Less: Ending finished goods inventory (194100) Unadjusted cost of goods sold 660800 Under applied overhead (235800-221500) 14300 Adjusted cost of goods sold 675100

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