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Discuss year-end as an adjustment to cost of goods sold

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Fletcher, Inc. disposes of under- or overapplied overhead at year-end as an adjustment to cost of goods sold. Prior to disposal, the firm reported cost of goods sold of $648,000 in a year when manufacturing overhead was underapplied by $20,100. If sales revenue totaled $2,340,000, determine (1) Fletcher's adjusted cost of goods sold and (2) gross margin.

Adjusted Cost
of Goods Sold
 Gross Margin
 A.         $ 627,900 $ 1,692,000  
 B.         $ 627,900 $ 1,712,100  
 C.         $ 648,000 $ 1,692,000  
 D.         $ 668,100 $ 1,671,900  
 E.         $ 668,100 $ 1,692,000  

Reference no: EM131753609

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