• Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars. • Beginning value of inventory follows: ▪ Beginning Work in Process Inventory, $7,000. Beginning Finished Goods Inventory, $12,000. During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent. • Actual manufacturing overhead costs were $90,000. Sales were $408,000 Adjusted Cost of Goods Sold was $312,000. 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 85,000 7,000 12,000 312,000

• Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars. • Beginning value of inventory follows: ▪ Beginning Work in Process Inventory, $7,000. Beginning Finished Goods Inventory, $12,000. During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent. • Actual manufacturing overhead costs were $90,000. Sales were $408,000 Adjusted Cost of Goods Sold was $312,000. 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 85,000 7,000 12,000 312,000

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Description: ●●Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars.Beginning value of inventory follows:■Beginning Work in Process Inventory, $7,000.Beginning Finished Goods Inventory, $12,000.●During the period, Work in Process I

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....

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