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Aerobars Inc. uses a job-order costing in which any under applied or over applied overhead is closed out to cost of goods sold at the end of the month. The company's cost of goods manufactured for March was $167,000; its beginning finished goods inventory was $33,000; its ending finished goods inventory was $28,000; its manufacturing overhead was over applied by $4,000.
Determine the cost of goods sold that would appear on the income statement for March; in other words, determine the cost of goods sold after adjustment for any underapplied or overapplied overhead. Show your work!
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A schedule of lease payments for Safe Ltd and journal entries in the records of Safe Ltd for the years ending 30 June 2014, 30 June 2015 and 30 June 2016
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