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Problem:

Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $50,900 and at the end of the month was $44,300. The cost of goods manufactured for the month was $303,000. The actual manufacturing overhead cost incurred was $100,200 and the manufacturing overhead cost applied to Work in Process was $89,000.

Required:

The adjusted cost of goods sold that would appear on the income statement for July is:

$309,600
$296,400
$320,800
$298,400

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91163957

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