Problems 7-62 (Algo) Find Missing Data (LO 7-2, 3) IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system. The system applies manufacturing overhead on the basis of direct labor cost. For managerial purposes, over- or underapplied overhead is written off to Cost of Goods Sold monthly. IYF hires interns to work in its Plant Accounting department and, as a part of its interview process, asks candidates to take a short quiz. You are given the following journal entries for June. (Assume that entries are made only once each month.) Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Material Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Sold Finished Goods Inventory Debit Credit 10,000 10,000 13,400 13,400 36,600 36,600 44,600 44,600 This entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 3 percent of overhead applied for June The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,880 less than the beginning balance. The Finished Goods ending balance on June 30 was $3,180 The June income statement shows Cost of Goods Sold of $44,870.