Reference no: EM132993180
Problem - Bunnell Corporation is a manufacturer that usesjob-order costing. On January 1, the company's inventory balances were as follows:
Raw materials is 65,000
Work in process $20,400
Finished goods $52,800
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.75 per direct labor-hour was based on a cost formula that estimated $630,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:
a. Raw materials were purchased on account, $646,000.
b. Raw materials used in production, $608,000. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $580,000; indirect labor, $150,000; selling and administrative salaries, $317,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and ?nished goods warehousing), $376,000.
e. Incurred various manufacturing overhead costs {e.g., depreciation, insurance, and utilities), $480,000.
f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on alljobs during the year.
g. Jobs costing $1,765,050 to manufacture according to their job cost sheets were completed during the year.
h. Jobs were sold on account to customers during the year for a total of $2,970,000. The jobs cost $1,775,050 to manufacture according to their job cost sheets.
Required - Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year?
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