PR $3-42($Algo$)$ Schedule of Cost of Goods Manufactured and Sold; Income Statement $($LO $3-6)$

Skip to question

$[$The following information applies to the questions displayed below.$]$

The following data refer to snack maker Taquitos To Go for the year $20$x$1.$

Work$-$in$-$process inventory, $12/31/$x$0$ $ $8,100$

Selling and administrative salaries $13,700$

Insurance on factory and equipment $3,600$

Work$-$in$-$process inventory, $12/31/$x$18,100$

Finished$-$goods inventory, $12/31/$x$014,000$

Cash balance, $12/31/$x$18,000$

Indirect material used $4,900$

Depreciation on factory equipment $2,100$

Raw$-$material inventory, $12/31/$x$010,100$

Property taxes on factory $2,400$

Finished$-$goods inventory, $12/31/$x$115,400$

Purchases of raw material in $20$x$139,200$

Utilities for factory $6,000$

Utilities for sales and administrative offices $2,400$

Other selling and administrative expenses $3,600$

Indirect$-$labor cost incurred $29,000$

Depreciation on factory building $3,800$

Depreciation on cars used by sales personnel $1,200$

Direct$-$labor cost incurred $79,000$

Raw$-$material inventory, $12/31/$x$111,000$

Accounts receivable, $12/31/$x$14,100$

Rental for warehouse space to store raw material $3,100$

Rental of space for company president$$s office $1,700$

Applied manufacturing overhead $58,000$

Sales revenue $207,800$

Income tax expense $5,100$

PR $3-42($Algo$)$ Part $2$ Prepare the company$$s schedule of cost of goods sold...

$2.$ Prepare the company$$s schedule of cost of goods sold for $20$x$1.$ The company closes overapplied or underapplied overhead into Cost of Goods Sold.