Jenkins Company had the following information for the year: Jenkins Company used a predetermined overhead rate using estimated overhead of $320,000 and 8000 estimated direct labor hours.Assume the only inventory balance is an ending Finished Goods Inventory balance of $19,000.What was adjusted cost of goods sold?
Definitions:
Trial Balance Totals
The cumulative sum of all debits and credits in a trial balance, which should equal to ensure the ledger is balanced.
Normal Balances
The side (debit or credit) of an account that is expected to have a positive balance.
Financial Statements
Formal records of the financial activities and position of a business, person, or other entity, including the balance sheet, income statement, and statement of cash flows.
Debit
An entry in the accounts that represents an increase in assets or expenses or a decrease in liabilities, equity, or revenue in a double-entry bookkeeping system.
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