JSOM Company makes custom furniture and uses a job-order-cost system. The company always writes off under/over applied overhead to cost of goods sold. The following data pertains to the first quarter of 2020:
Beginning direct-materials inventory $26,000
Beginning WIP inventory 64,000
Beginning finished-goods inventory 58,000
Direct materials purchased $148,000
Direct materials requisitioned 82,000
Direct-labor cost incurred 120,000
Factory overhead incurred 146,000
Cost of goods completed (Cost of goods manufactured) 292,000
Cost of goods sold (before adjustment for under or over-applied overhead) 256,000
Manufacturing overhead application rate (applied as a % of direct labor cost) 125%
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