Question - Henning Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed out to cost of goods sold at the end of the month. The company has provided the following data for June:
Direct Materials- 20,000
Direct Labor Costs- 48,000
Manufacturing Overhead Cost Incurred- 63,000
Manufacturing Overhead Cost Applied- 66,000
Inventories
Work In Process Beginning- 11,000
Work In Process Ending- 22,000
Finished Goods Beginning- 53,000
Finished Goods Ending- 51,000
The cost of goods manufactured for June is closest to:
a. 131,000
b. 120,000
c. 134,000
d. 123,000