Using predetermined overhead rate

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Echenko Corporation uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. During the year the company’s Finished Goods inventory account was debited for $380,000 and credited for $335,500. The ending balance in the Finished Goods inventory account was $62,300. At the end of the year, manufacturing overhead was overapplied by $2,900. The balance in the Finished Goods inventory account at the beginning of the year was:

Reference no: EM131250914

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