Part 3 Inventory Schedules and Cost of Goods Sold (16 points)

EmilyAnne Company has the following information:

Direct Labor $ 60,000

Beginning Finished goods inventory $ 10,000

Ending Finished goods inventory $ 40,000

Manufacturing Overhead Applied $ 90,000

Raw [direct] Materials Used in Production $ 50,000

Beginning Work in Process Inventory $ 30,000

Ending Work in Process inventory $ 60,000

Overapplied overhead $ 6,000

Required

1. IN GOOD FORM, prepare Work In Process and Finished Goods Inventory schedules

resulting in an amount for Unadjusted Cost of Goods Sold.

2. Use the amount of Overapplied Overhead in determining the final amount of

Cost of Goods Sold.

EmilyAnne Company

Inventory Schedules and Cost of Goods Sold

Beginning Work-In-Process Inventory $30,000

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Cost of Goods Manufactured

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Unadjusted Cost of Goods Sold

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Cost of Goods Sold