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Coatney Incorporated has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $ 3,760 $15,870 $ 76,130 $ 95,760 Direct labor 2,400 12,420 59,580 74,400 Manufacturing overhead applied 1,950 6,240 30,810 39,000 Total $ 8,110 $34,530 $166,520 $209,160 Manufacturing overhead for the month was overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Coatney Incorporated has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $ 3,760 $15,870 $ 76,130 $ 95,760 Direct labor 2,400 12,420 59,580 74,400 Manufacturing overhead applied 1,950 6,240 30,810 39,000 Total $ 8,110 $34,530 $166,520 $209,160 Manufacturing overhead for the month was overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...
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Coatney Incorporated has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $ 3,760 $15,870 $ 76,130 $ 95,760 Direct labor 2,400 12,420 59,580 74,400 Manufacturing overhead applied 1,950 6,240 30,810 39,000 Total $ 8,110 $34,530 $166,520 $209, 160 Manufacturing overhead for the month was overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:
Transcribed Image Text:Coatney Incorporated has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $ 3,760 $15,870 $ 76,130 $ 95,760 Direct labor 2,400 12,420 59,580 74,400 Manufacturing overhead applied 1,950 6,240 30,810 39,000 Total $ 8,110 $34,530 $166,520 $209, 160 Manufacturing overhead for the month was overapplied by $7,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The finished goods inventory at the end of October after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:
Multiple Choice $35,686 $33,374 $35,650 $33,410
Transcribed Image Text:Multiple Choice $35,686 $33,374 $35,650 $33,410
Expert Solution
Step 1

Given,

Finished Goods Inventory before allocation of Under/Over-applied OH = $34,530

Overapplied OH = $7,000

 

Thus,

Finished Goods Inventory before allocation of Over-applied OH = Unadjusted Finished Goods - Overapplied OH

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