Question - Loraine Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company:
The Cost of Goods Manufactured for August was:
A) $69,600
B) $69,500
C) $76,900
D) $84,500