Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59,300 and $38,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $92,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $97,300 at the end of 2020. If the under or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be allocated to the Finished Goods Inventory

$2069

Explanation:

Given

Applied overhead costs of Goods sold = $59,300

Applied overhead cost of finished goods = $38,000

Overhead Balance = $97,300

Overhead Cost = $92,000

Overapplied Overhead = Overhead Balance - Overhead Cost

Overapplied Overhead = $97,300 - $92,000

Overapplied Overhead = $5,300

Allocated Amount = (Applied Overhead * Finished Goods /(Overapplied Overhead)

Allocated Amount = ($5,300 * $38,000) ($59,300 + $38,000)

Allocated Amount = ($5,300 * 38,000) (97,300)

Allocated Amount = $2069

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