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Partially incorrect, plz help! Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of
Partially incorrect, plz help!
Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory $ 22,000 Add: Purchases of raw materials 420,000 Total raw materials available 442,000 Less: Ending raw materials inventory 32,000 Raw materials used in production 410,000 Less: Indirect materials used in production 17,000 Direct materials used in production $ 393,000 Direct labor 80,000 Manufacturing overhead applied to work in process 434,000 Manufacturing overhead applied to work in process 907,000 Total manufacturing costs added to production 1,814,000 Total manufacturing costs to account for 1,814,000 Less: Ending work in process inventory 72,000 Cost of goods manufactured $ 877,000The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 17,000 Indirect labor 150,000 Property taxes, factory 10,000 Utilities, factory 90,000 Depreciation, factory 147,000 Insurance, factory 12,000 Total actual manufacturing overhead costs incurred $ 426,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 420,000 Direct labor cost $ 80,000 Inventories: Raw materials, beginning $ 22,000 Raw materials, ending $ 32,000 Work in process, beginning $ 42,000 Work in process, ending $ 72,000 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21,700 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the year. Chang CompanyStep by Step Solution
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