Mooresville Corporation manufactures reproductions of eighteenth century, classical style furniture It uses a job costing system that applies factory overhead on the basis of direct labor hours Budgeted factory overhead for the year was $1,375,600, and management budgeted 90,500 direct labor hours Mooresville had no Materials, Work in Process, or Finished Goods Inventory at the beginning of August These transactions were recorded during August Purchased 5,700 square feet of oak on account at $26 per square foot Purchased 120 gallons of glue on account at $36 per gallon (indirect material) Requisitioned 3,990 square feet of oak and 38 gallons of glue for production Incurred and paid payroll costs of $202,600 Of this amount, $53,000 were indirect labor costs direct labor personnel earned $22 per hour Paid factory utility bill, $16,420 in cash Augusts insurance cost for the manufacturing property and equipment was $3,850 The premium had been paid in March Incurred $8,955 depreciation on manufacturing equipment for August Recorded $2,575 depreciation on an administrative asset Paid advertising expenses in cash, $5,815 Incurred and paid other factory overhead costs, $14,200 Incurred miscellaneous selling and administrative expenses, $13,775 Applied factory overhead to production on the basis of direct labor hours Produced completed goods costing $149,500 during the month Sales on account in August were $139,200 The Cost of Goods Sold was $115,500 Prepare a schedule of Cost of Goods Sold Mooresville Corporation Schedule of Cost of Goods Sold For the Month Ended August 31 Finished goods inventory, beginning Cost of goods manufactured Total goods available for sale Finished goods inventory, ending Cost of goods sold Compute the amount of overapplied or underapplied overhead that should be prorated to Work in Process, Finished Goods and Cost of Goods Sold (Round both the Relative Amount and the Share of overapplied overhead to two decimal places ) Balance Relative amount Share of overapplied overhead Ending Work in Process 0 Ending Finished Goods Cost of Goods Sold Total 0 0 00 $0 00 Prepare the income statement for August Mooresville Corporation Income Statement For the Month Ended August 31 Total selling administrative expenses

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Mooresville Corporation manufactures reproductions of eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours.

Mooresville Corporation manufactures reproductions of eighteenth-century, classical-style furniture. It uses a job costing system that applies factory overhead on the basis of direct labor hours. Budgeted factory overhead for the year was $1,375,600, and management budgeted 90,500 direct labor hours. Mooresville had no Materials, Work-in-Process, or Finished Goods Inventory at the beginning of August. These transactions were recorded during August:

Purchased 5,700 square feet of oak on account at $26 per square foot.
Purchased 120 gallons of glue on account at $36 per gallon (indirect material).
Requisitioned 3,990 square feet of oak and 38 gallons of glue for production.
Incurred and paid payroll costs of $202,600. Of this amount, $53,000 were indirect labor costs; direct labor personnel earned $22 per hour.
Paid factory utility bill, $16,420 in cash.
Augusts insurance cost for the manufacturing property and equipment was $3,850. The premium had been paid in March.
Incurred $8,955 depreciation on manufacturing equipment for August.
Recorded $2,575 depreciation on an administrative asset.
Paid advertising expenses in cash, $5,815.
Incurred and paid other factory overhead costs, $14,200.
Incurred miscellaneous selling and administrative expenses, $13,775.
Applied factory overhead to production on the basis of direct labor hours.
Produced completed goods costing $149,500 during the month.
Sales on account in August were $139,200. The Cost of Goods Sold was $115,500

Prepare a schedule of Cost of Goods Sold.

Mooresville Corporation
Schedule of Cost of Goods Sold
For the Month Ended August 31
Finished goods inventory, beginning
Cost of goods manufactured
Total goods available for sale
Finished goods inventory, ending
Cost of goods sold

Compute the amount of overapplied or underapplied overhead that should be prorated to Work-in-Process, Finished Goods and Cost of Goods Sold. (Round both the Relative Amount and the Share of overapplied overhead to two decimal places.).