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:
Perfectly Competitive Market
A theoretical market structure where many buyers and sellers exchange identical products, and no single entity can influence the market price.
Profit-maximizing
A principle or strategy where a business seeks to achieve the highest possible profit through its operations, pricing, and production decisions.
Total Cost
Total Cost is the sum of all costs, fixed and variable, incurred in the production of goods or the delivery of services.
Daily Profit
The financial gain or loss a business makes in a single day, calculated by subtracting total daily expenses from total daily revenue.
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