The cost of goods manufactured is $409,000.
Applied manufacturing overhead = $35 x 5,000 = $175,000
Cost of goods manufactured = $110,000 + $150,000 + $175,000 + $0 - $17,000 = $418,000
Overapplied overhead = $175,000 - $166,000 = $9,000
Unadjusted cost of goods sold = $0 + $418,000 - $0 = $418,000
Adjusted cost of goods sold = $418,000 - $9,000 = $409,000.
The cost of goods sold is the carrying value of the commodities sold during a given time period. To allocate costs to certain commodities, one of the several formulas, including specific identification, first-in-first-out, or average cost, is utilized. The cost of goods sold is the entire amount your business spent on costs directly related to the sale of items. This may also include raw materials, packaging, direct labor used in producing or selling the product, and products purchased for resale, depending on the type of your business. Cost of goods sold (COGS) may also be referred to as cost of sales (COS), cost of revenue, or product cost, depending on whether it is a good or a service. Every cost directly connected to producing a good or rendering a service is included.
Note that the full question is:
Ragtime Company used a predetermined overhead rate of $39 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,000. What was adjusted cost of goods sold?
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