Selling expenses $ 213,000
Purchases of raw materials $ 267,000
Direct labor ?
Administrative expenses $ 160,000
Manufacturing overhead applied to work in process $ 334,000
Total actual manufacturing overhead costs $ 358,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of Year End of Year
Raw materials $ 58,000 $ 34,000
Work in process ? $ 28,000
Finished goods $ 38,000 ?
The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $35,000. The company’s overapplied or underapplied overhead is closed entirely to cost of goods sold.
a. Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values. Omit the "$" sign in your response.)
Schedule of Cost of Goods Manufactured
Total raw materials available
Raw materials used in production
Total manufacturing cost
Cost of goods manufactured $
Prepare a schedule of cost of goods sold. (Input all amounts as positive values. Omit the "$" sign in your response.)
Schedule of Cost of Goods Sold
Adjusted cost of goods sold $
Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.)
Selling and administrative expenses:
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