Hello
I need help with figuring out what exactly goes in the Manufacturing overhead part.
The 8 things that goes in the "Title" area.
I figured out 7 out of 8. I am not sure what's the last thing that goes there.
Managerial Accounting - Spring 2019 - Lab 2 , chapter 3 Excel Computer Problem* The following data refer to Miller Widget Company for the year 20 x1 . Work - in - process inventory , 12/31 / x0 .... $ 10, 100 Work - in - process inventory , 12/31 / x ] ...... 10,000 Finished - goods inventory , 12/31 / x0 ...... Raw - material inventory , 12/31 / 40 ..... 10, 1010 Raw - material inventory , 12/31 /'x ] . ................ .. " 1 1, 000 Finished - goods inventory , 12 / 31 / x1 .... 15, 400 Purchases of raw material in 20 x1 . 35, 000 Indirect material used ..... Indirect- labor cost incurred .. 24, 000 Direct- labor cost incurred .... 19, 000 Selling and administrative Salaries ......... 13, BOO Insurance on factory and Equipment ............ ... . . . . . 3. 600 Depreciation on factory Equipment .. 2, 100 Property taxes on factory ..` 3, 400 Utilities for factory ..... 5,000 " " " Utilities for sales and administrative offices ..... 2.5010 Other selling and administrative expenses .... 4,000 Depreciation on factory building ...... 3, 800 Depreciation on cars used by sales personnel .......... 2, 200 Rental For warehouse space to store raw material ......... 3, 100 Rental of space for company president's office . ... .... .... 1 , 500 Applied manufacturing overhead .. 58, 000 Sales revenue .` 205, 800 Income tax expense . 5, 100 Hequired : 1 . Prepare the Company's schedule of cost of goods manufactured for 20x1 . Note : Input applied overhead before calculating over or under - applied overhead . 2. Prepare the company's schedule of cost of goods sold for 20x1 . The company closes overapplied or underapplied overhead into Cost of Goods Sold . 3. Prepare the company's income statement for 20*'1Accounting 2302 Lab Number 2 , Cost of Goods Manufactured and Sold ( WITH manufacturing overhead ! Student Name : PART 1 - Calculate Schedule of Cost of goods manufactured ( refer to pages 65 and 67 in the book ! MILLER WIDGET COMPANY SCHEDULE OF COST OF GOODS MANUFACTURED FOR THE YEAR ENDED DECEMBER 31 , 20x1 P . 65\\ Calculation of Direct Materials Used Direct material :` Flaw _ material inventory , 12 /3 1 / x10 $10 , 100 Add : Purchases of raw material 3.9,000 Flaw material available for use 49, 100 Deduct : Flaw _ material inventory , 12/31 / x 1 1 1,000 Flaw material used 38, 100 Direct labor 79, 000 Manufacturing overhead :" TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT TITLE AMOUNT Total actual manufacturing overhead FORMULA Add : Overapplied overhead* FORMULA Overhead applied to work in process AMOUNT Total manufacturing costs* FORMULA Add : Work - in - process inventory , 12 /3 1 / x10 10, 100 Subtotal FORMULA TITLE AMOUNT Cost of goods manufactured FORMULA
