Part 5Inventory Schedules and Cost of Goods Sold(20 points) EmilyAnne Company has the following information: Direct Labor$60,000
Question:
Part 5Inventory Schedules and Cost of Goods Sold(20 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$ 26,000
Ending Work in Process inventory$ 72,000
Unapplied overhead [Underapplied]$5,000
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 Unapplied 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