Question -
Tusa Corporation is a manufacturer that usesjoh-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year:
Estimated total manufacturing overhead at the beginning of the year - $638,250
Estimated direct labor-hours at the beginning of the year - 37,000 direct
Results of operations:
Actual direct labor-hours - 34,000 direct labor-hours
Manufacturing overhead:
Indirect labor cost - $ 148,000
Other manufacturing overhead costs incurred - $ 450,000
Cost of goods manufactured - $1,611,000
Cost of goods sold {unadjusted} - $1,513,000
Calculate the adjusted Cost of Goods Sold for the year?