- PULJUJCJI 10. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f) Income from Operations g) Net Income SOCIETY Manufacturing Process Information Mr. Roberts, the CEO of Robust Robots, Inc. has begun a small manufacturing process that will manufacture simple functioning robots and then sell the robots to merchandising companies. The manufacturing process starts with plastic being formed into parts through injection molding. After the parts are cooled and inspected the parts are assembled. The first step is attaching the dome to the body, attach the legs, then insert the motor and fasten the wheels. Once completed the robots are the transferred to finished goods. This is a process cost system and the company elects to use the FIFO method of accounting for product costs. Direct material-plastic is added 100% at the beginning of the process for all parts. Direct material motors and wheels are added 100% as the last step in the manufacturing process At the beginning of the accounting period, Mr. Roberts estimates that production will be 100.000 robate during the year. Estimated factory overhead is $50,000. This information is to be used to determine the application rate for the manufacturing overhead. Estimated and actual direct labor costs totaled $41,880. Actual factory overhead costs totaled $45,000. The following information is available concerning direct materials. Direct Materials-Plastic Pellets Beginning inventory O plastic pellets Purchase of plastic 100,000 pounds @ $10.63 a pound Each robot takes a pound of plastic pellets. Direct Material Motors Beginning inventory Purchase of motors Each robot contains one motor. O motors 100,000 motors @ $15.00 each Direct Materials-Wheels Beginning inventory Purchase of wheels Each robot needs 2 wheels O wheels 200,000 wheels @ $5.00 each The Work-in-process account has the following information: Ending work in process inventory has 17,000 units that are 100% complete as to plastic parts, 25% complete as to conversion costs and 0% complete as to motors and wheels The Finished Goods account has the following Information: The finished goods inventory at January 1, 2019 had a balance of 2.000 rabats at a cost of $140,000 on December 31, 2019 had an ending balance of 3,000 robots. The selling price of the robot is $70.00. Selling and Administrative Costs totaled $100,000 tax rate is 35%. 11 Page