Tucson Co. uses a normal costing system. Factory (or Manufacturing) overhead is applied at a budgeted rate based on direct labor cost. At the end of the period, there are two unfinished jobs.

Additional information is available as follows:

Direct materials used $ 50,000

Direct labor costs $100,000

Beginning Work-in-process inventory $100,000

Cost of goods manufactured $150,000

Beginning Finished goods inventory $140,000

Ending Finished goods inventory $110,000

Actual factory overhead incurred $ 90,000

Factory overhead is over-applied by $60,000.

Determine the following amounts:

1. Applied overhead
2. Cost of goods sold before the disposition of over-applied overhead
3. Ending Work-in-process inventory balance
4. Budgeted overhead rate for applying factory overhead
5. Assuming the over-applied overhead is adjusted to the cost of goods sold (COGS), what is the adjusted COGS?