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Fletcher,Inc

question 74

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Fletcher,Inc.disposes of under- or overapplied overhead at year-end as an adjustment to cost of goods sold.Prior to disposal,the firm reported cost of goods sold of $590,000 in a year when manufacturing overhead was underapplied by $15,000.If sales revenue totaled $1,400,000,determine (1) Fletcher's adjusted cost of goods sold and (2) gross margin. Fletcher,Inc.disposes of under- or overapplied overhead at year-end as an adjustment to cost of goods sold.Prior to disposal,the firm reported cost of goods sold of $590,000 in a year when manufacturing overhead was underapplied by $15,000.If sales revenue totaled $1,400,000,determine (1) Fletcher's adjusted cost of goods sold and (2) gross margin.   A) Choice A B) Choice B C) Choice C D) Choice D E) Choice E


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