FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Subject - Acounting

The following information was obtained from the records of Appleton Corporation during the current year:
Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars.
Beginning value of inventory follows:
Beginning Work in Process Inventory, $6,000.
Beginning Finished Goods Inventory, $16,000.
During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.
Actual manufacturing overhead costs were $92,000.
●
• Sales were $405,000
Adjusted Cost of Goods Sold was $301,000.
●
Required:
Use the preceding information to find the missing values in the following table:
Direct Materials Used
Direct Labor
Item
Manufacturing Overhead Applied
Total Current Manufacturing Costs
Plus: Beginning Work in Process Inventory
Less: Ending Work in Process Inventory
Cost of Goods Manufactured
Plus: Beginning Finished Goods Inventory
Less: Ending Finished Goods Inventory
Unadjusted Cost of Goods Sold
Over/Underapplied overhead
Adjusted Cost of Goods Sold
Amount
0
87,000
6,000
16,000
301,000
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Transcribed Image Text:The following information was obtained from the records of Appleton Corporation during the current year: Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars. Beginning value of inventory follows: Beginning Work in Process Inventory, $6,000. Beginning Finished Goods Inventory, $16,000. During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent. Actual manufacturing overhead costs were $92,000. ● • Sales were $405,000 Adjusted Cost of Goods Sold was $301,000. ● Required: Use the preceding information to find the missing values in the following table: Direct Materials Used Direct Labor Item Manufacturing Overhead Applied Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Plus: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Over/Underapplied overhead Adjusted Cost of Goods Sold Amount 0 87,000 6,000 16,000 301,000
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