Problem
Stanley Company uses a job cost system. Manufacturing overhead has been overapplied by $6,600 for the year. Actual overhead incurred was $105,700. Other balances are:
Raw materials inventory at end of year: $14,200
Work in process inventory at end of year: $31,400
Finished goods inventory at end of year: $42,000
Unadjusted costs of goods sold for the year: $290,000
What will be adjusted cost of goods sold after closing manufacturing overhead?