Answer:
Cost of Goods Sold, after adjustment for overapplied manufacturing overhead, for the year must have been $69,000.
Explanation:
From the question, we have:
Applied manufacturing overhead cost = $29,000
Actual manufacturing overhead cost = $27,000
Cost of Goods Manufactured for the year = $71,000
Overapplied manufacturing overhead = Applied manufacturing overhead cost - Actual manufacturing overhead cost = $29,000 - $27,000 = $2,000
Therefore, we have:
Cost of Goods Sold = Cost of Goods Manufactured for the year - Overapplied manufacturing overhead = $71,000 - $2,000 = $69,000
Therefore, Cost of Goods Sold, after adjustment for overapplied manufacturing overhead, for the year must have been $69,000.
