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Hasting Inc. uses a job-order costing system in which any underapplied or overapplied overhead is...

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Accounting

Hasting Inc. uses a job-order costing system in which any underapplied or overapplied overhead is closed to cost of goods sold at the end of the month. In January the company completed job R96V that consisted of 21,000 units of one of the company's standard products. No other jobs were in process during the month. The job cost sheet for job R96V shows the following costs:

Beginning balance $ 86,100
Direct materials $533,400
Direct labor cost $130,200
Manufacturing overhead cost applied $321,300

During the month, the actual manufacturing overhead cost incurred was $345,030 and 15,000 completed units from job R96V were sold. No other products were sold during the month. The cost of goods sold that would appear on the income statement for January, after adjustment for any underapplied or overapplied overhead, is closest to:

$1,071,000

$1,094,700

$741,270

$788,730

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