Question

Savo Help Save & Exit Subm A company provided the following data for its first year of operations ended on June 30. Figures are all in thousands. The company closes any under-or over-applied manufacturing overhead costs to cost of goods sold at the end of their fiscal year-end. Selling and administrative expenses 266 Manufacturing overhead applied to Work-in-process 337 Actual manufacturing overhead cost 358 Cost of goods available for sale during the year 730 Finished goods, ending balance 56 Net operating income (after adjusting COGS) 23 What was the total sales for the year? (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. Eg. you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g.-1000 for a decrease or loss of one thousand) Sales = $ < Prev 4 of 26 i! Next >

Answer 1

Answer:
Particulars	Amount (in $ )
Actual manufacturing Overhead Cost	$ 358
Less: Applied manufacturing Overhead Cost	($ 337 )
Underapplied Overhead	$ 21
Particulars	Amount (in $ )
Cost of goods available for sale	$ 730
Less: Ending Finished goods	($ 56 )
Cost of goods sold	$ 674
Add: Underapplied overhead	$ 21
Adjusted Cost of goods sold	$ 695
Particulars	Amount (in $ )
Net Income (after adjusting COGS )	$ 23
Add: Selling and administrative Expense	$ 266
Gross Profit	$ 289
Add: Adjusted Cost of goods sold	$ 695
Total Sales	$ 984
Sales = $ 984