Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Daoming Si Company. applies manufacturing overhead to production at 95% of direct labor cost. During the year ended 2020, manufacturing overhead of $239,115 was
Daoming Si Company. applies manufacturing overhead to production at 95% of direct labor cost. During the year ended 2020, manufacturing overhead of $239,115 was applied to production; actual manufacturing overhead was $188,000. Beginning Work in Process Inventory was $23,300, and beginning Finished Goods Inventory was $44,900. Work in Process Inventory decreased by 20% during the year and Finished Goods Inventory decreased by 10% during the year. Adjusted Cost of Goods Sold was $622,400 for the year ended 2020. Complete the following schedule: Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold Amount 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started