Adjusting Cost of Goods Sold. The balances of selected ledger accounts for the Laden Company as of

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Adjusting Cost of Goods Sold. The balances of selected ledger accounts for the Laden Company as of December 31, 20x2. are as follows: Vanable factory overhead Fixed factory overhead Cost of goods sold $2,000 credit $4,000 debit $340.000

a. Prepare journal entries as of December 31, 20x2, to adjust cost of goods sold for the amount of underapplied or overapplied factory overhead.

b. Determine the amount of cost of goods sold after considering the entries in part (a).

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