Finding Unknowns in the Cost of Goods Manufacturing and Sold Report and Analyzing Manufacturing Overhead
The following information was obtained from the records of Appleton Corporation during 2009.
• Manufacturing Overhead was applied at a rate of 80 percent of direct labor dollars.
• Beginning value of inventory follows:
• Beginning Work in Process Inventory, $10,000.
• Beginning Finished Goods Inventory, $20,000.
• During the period, Work in Process Inventory increased by 20 percent, and Finished Goods Inventory decreased by 25 percent.
• Actual manufacturing overhead costs were $85,000.
• Sales were $400,000.
• Adjusted Cost of Goods Sold was $300,000.
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 | 80,000 |
Total current manufacturing costs | ? |
Plus: Beginning work in process inventory | 10,000 |
Less: Ending work in process inventory | ? |
Cost of goods manufactured | ? |
Plus: Beginning finished goods inventory | 20,000 |
Less: Ending finished goods inventory | ? |
Unadjusted cost of goods sold | ? |
Overhead adjustment | ? |
Adjusted cost of goods sold | 300,000 |
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