Cerrone Inc. has provided the following data for the month of July. The balance

Question

Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $54,700 and at the end of the month was $47,000. The cost of goods manufactured for the month was $289,000. The actual manufacturing overhead cost incurred was $83,300 and the manufacturing overhead cost applied to Work in Process was $77,000. The adjusted cost of goods sold that would appear on the income statement for July is: $281,300 $303,000 $296,700 $290,400

Explanation / Answer

Adjusted Cost of goods sold = Opening Finished goods + Cost og goods sold - Closing finished goods

= 54700 + 28900 - 47000

= $296700

Thus answer will be $296700

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