Computing Cost of Goods Sold Using the following information, compute cost of goods sold. Make sure to consider all necessary adjustments. Any over- or underapplied manufacturing overhead is closed and adjusted to cost of goods sold.

Note: The $350,000 amount of cost of goods manufactured includes the $190,000 in applied manufacturing overhead.

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Finished goods inventory, beginning balance Finished goods inventory, ending balance Cost of goods manufactured ..... Actual manufacturing overhead costs Applied manufacturing overhead costs $115,000 105,000 350,000 170,000 190,000