Morris Company provide the cost data for the month of January,
2018.
Inventories: January 1 January 31
Direct materials $30,000 $40,000
WIP $15,000 $20,000
Finished Goods $65,000
$50,000
Other information:
Factory overhead applied: $150,000
Cost of goods manufactured: $515,000
Direct materials used: $190,000
Actual factory overhead: $144,000
Question/s:
1. Adjusted COGS if under or over applied overhead were closed
to COGS?
2. Adjusted COGS if under or applied overhead were allocated
to inventories and COGS?
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