Unifying Concepts: Analysis of Manufacturing Cost Flows, the Cost of Goods Manufactured Schedule, and the Cost of Goods Sold Schedule The following T-accounts represent manufacturing cost flows for Lincoln Manufacturing Company for the year 2009.

Required:
1. Identify the following amounts for 2009 from Lincoln’s T-accounts:

a. Direct labor cost.

b. Cost of goods manufactured.

c. Cost of goods sold.

d. Actual manufacturing overhead costs.
2. Prepare a Cost of Goods Manufactured schedule for 2009.
3. Prepare a Cost of Goods Sold schedule for 2009.
4. Interpretive Question: Explain how the over- or underapplied manufacturing overhead is usually accounted for.

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Direct Materials Inventory 1/1 60,000 200,000 12/31 30,000 Work-in-Process Inventory 230,000 1/1 70,000 230,000 300,000 160,000 12/31 60,000 Finished Goods Inventory 1/1 110,000 700,000 12/31 50,000 Manufacturing Overhead 760,000 20,000 32,000 14,000 48,000 42,000 700,000 160,000