The cost of goods sold that would appear on the income statement for September, after adjustment for any underapplied or overapplied overhead, is closest to:

Question

Quizplus · Accepted Answer

The cost of goods sold that would appear on the income statement for September, after adjustment for any underapplied or overapplied overhead, is $864,700. This is because the cost of goods sold is calculated by adding the beginning inventory to the purchases and subtracting the ending inventory. The beginning inventory is $100,000, the purchases are $1,000,000, and the ending inventory is $135,300. Therefore, the cost of goods sold is $100,000 + $1,000,000 - $135,300 = $864,700.

The Cost of Goods Sold That Would Appear on the Income