Ellithorpe Corporation has provided the following data concerning last month's operations.?Cost of goods manufactured$160,000?Underapplied overhead$5,000?Beginning finished goods inventory$32,000?Ending finished goods inventory$44,000Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.Required:Determine the adjusted cost of goods sold for the month.
What will be an ideal response?
| ? | Beginning finished goods inventory | $32,000 |
| ? | Add: Cost of goods manufactured | 160,000 |
| ? | Cost of goods available for sale | 192,000 |
| ? | Deduct: Ending finished goods inventory | 44,000 |
| ? | Unadjusted cost of goods sold | 148,000 |
| ? | Deduct: Overapplied overhead | 0 |
| ? | Add: Underapplied overhead | 5,000 |
| ? | Adjusted cost of goods sold | $153,000 |
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What will be an ideal response?