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IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal
14. You are given the following
a This entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June.
The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $7,000 less than the beginning balance. The Finished Goods ending balance on June 30 was $3,000.
The June income statement shows Cost of Goods Sold of $45,400.
Required
- a. What was the Finished Goods beginning inventory on June 1?
- b. How much manufacturing overhead was applied for June?
- c. Overhead is applied on the basis of direct labor costs. What was the manufacturing overhead rate for June?
- d. How much manufacturing overhead was incurred for June?
- e. What was the Work-in-Process beginning inventory balance?
- f. What was the Work-in-Process ending inventory balance?
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