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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:The selected amounts that follow were taken from Kandace Corporation's accounting
records:
Raw material used
Direct labor
Total manufacturing costs
Work in process inventory (1/1)
$27,000
$35,000
$104,000
$19,000
Cost of goods manufactured
$100,000
Cost of goods available for sale
$175,000
Finished goods inventory (12/31)
$60,000
Sales revenue
$300,000
Selling and administrative expenses
$125,000
Income tax expense
$18,000
Required:
Compute the following:
a. Manufacturing overhead.
b. Work-in-process inventory, 12/31.
c. Finished-goods inventory, 1/1.
d. Cost of goods sold.
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