Finding Unknowns in the Cost of Goods Manufacturing and Sold Report and Analyzing Manufacturing Overhead
The following information was obtained from the records of Carrington Corporation during 2009.
1.Manufacturing overhead was applied at a rate of 150 percent of direct labor dollars.
2. Beginning value of inventory follows:
a.Beginning Work in Process Inventory, $20,000.
b.Beginning Finished Goods Inventory, $10,000.
3. During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.
4. Actual manufacturing overhead costs were $85,000.
5. Sales were $500,000.
6. Adjusted Cost of Goods Sold was $350,000.
Required:
Use the preceding information to find the missing values in the following table:
Item | Amount |
Direct materials used in production | $ ? |
Direct labor | ? |
Manufacturing overhead applied | 90,000 |
Current manufacturing costs | ? |
Plus: Beginning work in process inventory | 20,000 |
Less: Ending work in process inventory | ? |
Cost of goods manufactured | ? |
Plus: Beginning finished goods inventory | 10,000 |
Less: Ending finished goods inventory | ? |
Unadjusted cost of goods sold | ? |
Overhead adjustment | ? |
Adjusted cost of goods sold | 350,000 |
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