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Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year:
Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished goods Beginning Balance 11,000 $ 33,000 $104,000 Ending Balance $ 15,700 $ 14,200 $123,000 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 17,500 machine-hours and incur $262,500 in manufacturing overhead cost. The following transactions were recorded for the year: Raw materials were purchased, $411,000 Raw materials were requisitioned for use in production, $406,300 ($385,000 direct and $21,300 indirect) The following employee costs were incurred: direct labor, $332,000; indirect labor, $72,000; and administrative salaries, $159,000 Selling costs, $114,000 Factory utility costs, $25,000 Depreciation for the year was $130,000 of which $111,000 is related to factory operations and $19,000 is related to selling, general, and administrative activities Manufacturing overhead was applied to jobs. The actual level of activity for the year was 14,900 machine-hours. Sales for the year totaled $1,291,000 Required a. Prepare a schedule of cost of goods manufactured in good form. (Do not round predetermined overhead rate. Input all amounts as positive values. Omit the "$" sign in your response.)
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