FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Selling expenses $ 211,000
Purchases of raw materials $ 266,000
Direct labor ?
Administrative expenses $ 152,000
Manufacturing overhead applied to work in process $ 363,000
Actual manufacturing overhead cost $ 350,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year
Raw materials $ 53,000 $ 32,000
Work in process ? $ 28,000
Finished goods $ 33,000 ?

The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.

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