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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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.
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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