1) Cost of direct materials used. $176,400 2) Cost of direct labor used. 150,400 3) Cost of goods manufactured. 398,720 4) Cost of goods sold (Ignore any overapplied or underapplied overhead) 420,520 5) Gross profit 509,480 6) Over (under) applied overhead. Raw Mate Work in Process (WIP) 47.000 RM - April 30 When the actual amount of overhead incurred (debits to Factory DM used WIP - April 30 10,800 RM Purch 197,000 176,400 Overhead) exceeds the amount of plused 150,400 overhead applied (credits to Factory OH applied 82,720 Overhead), the overly 398 720 CofGM RM - May 31 38,000 UNDERAPPUED VIP - May 31 21.600 o FG - April 30 CofGM Factory Overhead Ind. mtls 29,600 Ind. labor 26,600 Other OH 41,600 82,720 OH applied Underapplied 15.080 Finished Goods (FG) 56,000 398,720 420520 CofGS 34,200 FG - May 31 Income Statement (partial) Sales $930,000 Cost of Goods Sold (420,520) Gross profit $509,480 1) Cost of direct materials used. $176,400 2) Cost of direct labor used. 150,400 3) Cost of goods manufactured. 398,720 4) Cost of goods sold (Ignore any overapplied or underapplied overhead) 420,520 5) Gross profit 509,480 6) Over (under) applied overhead. Raw Mate Work in Process (WIP) 47.000 RM - April 30 When the actual amount of overhead incurred (debits to Factory DM used WIP - April 30 10,800 RM Purch 197,000 176,400 Overhead) exceeds the amount of plused 150,400 overhead applied (credits to Factory OH applied 82,720 Overhead), the overly 398 720 CofGM RM - May 31 38,000 UNDERAPPUED VIP - May 31 21.600 o FG - April 30 CofGM Factory Overhead Ind. mtls 29,600 Ind. labor 26,600 Other OH 41,600 82,720 OH applied Underapplied 15.080 Finished Goods (FG) 56,000 398,720 420520 CofGS 34,200 FG - May 31 Income Statement (partial) Sales $930,000 Cost of Goods Sold (420,520) Gross profit $509,480