Practice Exercise 4 (Part Level Submission)At the end of the year, but before an adjustment had been made to close Manufacturing Overhead Control, A-l Frames had the following account balances: Raw Materials inventory $ 126,331Work in Process Inventory $ 147,470Finished Goods Inventory $ 343,100Cost of Goods Sold $1,959,630 At the beginning of the year, management had estimated that total manufacturing overhead would be $550,940 and had planned to apply overhead to jobs based on an estimated use 42,380 of machine hours. The actual number ofmachine hours used during the year was 45,800, and actual manufacturing overhead cost for the year was $621,300.What was the balance in Cost of Goods Sold if the entire amount of under-or overapplied overhead was closed to that account?
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