$12,750 $20,000 $48,000 $32,000 ending Administrative expenses Manufacturing overhead cost incurred Purchase of raw materials Raw materials inventory, beginning Raw materials inventory, ending Direct labor cost Work in progress, beginning Work in progress inventory, ending Sales Selling expenses $8,000 $7,000 $40,000 $6,000 $7,500 $350,000 $35,000 The company uses a predetermined overhead rate to apply overhead costs to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. You need to prepare the Schedule of Cost of Goods Sold and income statement then answer the following questions Calculate the following: 1. Raw materials used in 2. 3. 4. production Manufactured Overhead applied Total manufacturing cost Cost of goods manufactured Unadjusted Cost of goods sold Adjusted Cost of Goods Sold Gross margin Net operating income 5. 6. 7. 8. The following cost data relate to the manufacturing activities for the company: Finished goods Inventory, Beginning $18,000 Finished goods Inventory, ending $12,750 Administrative expenses $20,000 Manufacturing overhead cost incurred $48,000 Purchase of raw materials $32,000 Raw materials inventory, beginning $8,000 Raw materials inventory, ending $7,000 Direct labor cost $40,000 Work in progress, beginning $6,000 Work in progress inventory, ending $7,500 Sales $350,000 Selling expenses $35,000 The company uses a predetermined overhead rate to apply overhead costs to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. You need to prepare the Schedule of Cost of Goods Sold and income statement then answer the following questions Calculate the following: 1. 2. Raw materials used in production Manufactured Overhead applied facturing cost