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Huneke Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. During May, the cost of goods manufactured was $178,000 and manufacturing overhead was underapplied by $2,200. The beginning finished goods inventory was $39,000 and the ending finished goods inventory was $66,000.
The cost of goods sold that appears on the income statement for May and that has been adjusted for any underapplied or overapplied overhead is closest to:
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On February 1, 2011, Lagune & Sons issued 9% bonds dated February 1, 2011, with a face amount of $200,000. The bonds sold for $182,841 and mature in 20 years. The effective interest rate for these bonds was 10%. Interest is paid semi annually on July..
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