America's Best Cookies has been baking sugar cookies for 5 years. They have been selling their cookles for $5 each and they are wondering If they are charging the right price. To help them determine a good price for their product, we must put together and analyze their statements. Assume Americas Best Cookies uses process costing and allocates manufacturing overhead based on machine hours. Americas Best Cookies expects to incur $80,000 of manufacturing overhead costs, and to use 400 direct labor hours during fiscal year 2024. Americas Best Cookies reported the following inventories at May 31, 2024: Requirements: Compute the Cost of Goods Manufactured by completing the Cost of Goods Manufactured Schedule using the following cost data and account balances: following cost data and account balances: Account Balances Beg. direct materials - 50,000 Ending direct material - 60,000 Beg. Work in process inventory - 10,000 Beg. finished goods 6,000 Ending work in process inventory - 5,000 Ending finished goods- 8,000 Cookies produced - 110,000 cookies Cookies sold - 100,000 cookies Actual direct labor hours used - 500 hrs \begin{tabular}{|c|c|} \hline \begin{tabular}{l} Bakery Security \\ Guard Wages \end{tabular} & 20,000 \\ \hline Flour Purchased & 25,000 \\ \hline Bakers Salaries & 50,000 \\ \hline Bakery Electricity & 1,000 \\ \hline Eggs Purchased & 30,000 \\ \hline \begin{tabular}{l} Corporate \\ Headquarters \\ Heating \end{tabular} & 7,000 \\ \hline Cookie Shipping & 1,000 \\ \hline Butter Purchased & 15,000 \\ \hline \begin{tabular}{l} Baking Supervisor \\ Salary \end{tabular} & 30,000 \\ \hline \begin{tabular}{l} Sanitary Gloves \\ Purchased (Worn \\ by Bakers) \end{tabular} & 5,500 \\ \hline Sugar Purchased & 20,000 \\ \hline \end{tabular} Schedule of Cost of Goods Sold