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Presented below is data from partially completed ledger accounts and additional information for the CumChan Manufacturing Company for the year 2015. Account balances at 01/01/20:
Presented below is data from partially completed ledger accounts and additional information for the CumChan Manufacturing Company for the year 2015. Account balances at 01/01/20: Raw Materials $20,000 Work-in-Process $15,000 Finished Goods $10,000 Manufacturing Overhead $0 Additional Information: 1. Direct manufacturing labour wage rate was $10.00 per hour. 2. Manufacturing overhead is allocated at $5 per direct manufacturing labour hour. 3. During the year, sales revenues were $600,000, and marketing and distribution expenses were $50,000. 4. Direct labour for year $180,000. 5. Total credit entries to Raw Materials account during year $200,000. 6. Total debit entries to the Finished Goods account during year $400,000. 7. Total debit entries to Manufacturing Overhead during the year $80,000. 8. Ending Finished Goods was $15,000. 9. Administrative expenses were $40,000. a) What was the amount of direct materials issued to manufacturing during 2020? b) What was the amount of direct labour cost to jobs during 2020? c) What was the amount of manufacturing overhead allocated to jobs during 2020? d) What was the cost of jobs completed during 2020? e) What was the balance in Work-in-Process inventory on December 31, 2020? f) What was the underapplied or overapplied manufacturing overhead in 2020? g) What was the Cost of Goods Sold in 2020? h) What was Net Income in 2020
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