TB MC Qu$.4-67($Static$)$ Adjusted cost of goods sold: Maple Mount Fishery

Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $$680,400,$ and management budgeted $$324,000$ of direct labor costs. During the year, the company incurred the following actual costs.

Direct materials used

Direct labor

$$384,000$

$306,000$

$658,000$

The January $1$ balances of inventory accounts are shown below.

Materials$-$all direct

Work$-$in$-$process

Finished goods

$$70,000$

$41,000$

$26,000$

The December $31$ balances of these inventory accounts were ten percent lower than the balances at the beginning of the year.

$****$

The adjusted cost of goods sold, after under or overapplied overhead, is$?$ please show work