Problem:
Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $50,900 and at the end of the month was $44,300. The cost of goods manufactured for the month was $303,000. The actual manufacturing overhead cost incurred was $100,200 and the manufacturing overhead cost applied to Work in Process was $89,000.
Required:
The adjusted cost of goods sold that would appear on the income statement for July is:
- $309,600
- $296,400
- $320,800
- $298,400
Note: Please show the work not just the answer.