Pautler Inc.uses a job-order costing system in which any underapplied or overapplied overhead for the period is closed out to cost of goods sold.In March the company completed job U55I that consisted of 22,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job U55I shows that the total cost for the job was $1,067,000.During the month,the actual manufacturing overhead cost incurred was $284,020 and the manufacturing overhead cost applied to job U55I was $312,400.And during the month,6,000 completed units from job U55I were sold.No other products were sold.
Required:
Determine the cost of goods sold that would appear on the income statement for March.Show your work!

Question

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The Answer of Pautler Inc.uses a job-order costing system in which any underapplied or overapplied overhead for the period is closed out to cost of goods sold.In March the company completed job U55I that consisted of 22,000 units of one of the company's standard products.No other jobs were in process during the month.The job cost sheet for job U55I shows that the total cost for the job was $1,067,000.During the month,the actual manufacturing overhead cost incurred was $284,020 and the manufacturing overhead cost applied to job U55I was $312,400.And during the month,6,000 completed units from job U55I were sold.No other products were sold.
Required:
Determine the cost of goods sold that would appear on the income statement for March.Show your work!