Question 6

Beginning finished goods inventory was $130,000. The cost of goods manufactured for the month was $760,000. The ending finished goods inventory was $150,000. What was the cost of goods sold for the month?

Group of answer choices

$760,000

$20,000

$740,000

$780,000

Question 7

If the manufacturing overhead account has a debit balance at the end of the period (the debit side is bigger), then manufacturing overhead was underapplied.

Group of answer choices

True

False

Question 8

If the manufacturing overhead account has a debit balance at the end of the period (the debit side is bigger), then manufacturing overhead was overapplied.

Group of answer choices

True

False

Question 9

A company had an unadjusted Cost of Goods Sold of $1,690,000. The company closes its underapplied or overapplied overhead to Cost of Goods Sold. The company had actual manufacturing overhead of $650,000 and applied manufacturing overhead of $666,250. What is the adjusted Cost of Goods Sold for the year?

Group of answer choices

$1,673,750

$16,250

($16,250)

$1,706,250

$1,690,000