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Please help what is missing on my chart Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of
Please help what is missing on my chart
Prepare a schedule of cost of goods manufactured for the year. Chang Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 21,000 Add: Purchases of raw materials 410,000 Total raw materials available 431,000 Less: Ending raw materials inventory 31,000 Raw materials used in production 400,000 Less: Indirect materials used in production 16,000 Direct materials used in production Direct labor Manufacturing overhead applied to work in process $ 384,000 70,000 517,500 Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 971,500 971,500 71,000 941,500 $ Manufacturing overhead costs incurred: Indirect materials $ 16,000 Indirect labor 140,000 Property taxes, factory 9,000 Utilities, factory 80,000 Depreciation, factory 251,500 Insurance, factory 11,000 Total actual manufacturing overhead costs incurred $ 507,500 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 410,000 Direct labor cost $ 70,000 Inventories: Raw materials, beginning $ 21,000 Raw materials, ending $ 31,000 Work in process, beginning $ 41,000 Work in process, ending $ 71,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead coa 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 Step by Step Solution
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