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The following are obtained from Carlos Manufacturing Company: Cost of goods manufactured is 157,750 Inventory valuations are as follows: raw materials ending inventory is one
The following are obtained from Carlos Manufacturing Company: Cost of goods manufactured is 157,750 Inventory valuations are as follows: raw materials ending inventory is one third of the raw materials beginning inventory, work in process beginning was 40% less than the work in process ending. Net income after taxes amounted to 72,800; income tax rate is 30%. Purchase of raw materials amounted to net income before taxes. Manufacturing overhead applied to work in process was 80% of direct labor cost. Indirect materials used amounted to 8,000. Factory Overhead Control has a total amount of 80,000. The company credited 5,000 for the over/under applied factory overhead in closing the factory overhead control and factory overhead applied account. The under/over applied factory overhead was close to cost of goods sold Selling and Administrative Expenses amounted to 100,000. Beginning finished goods inventories are 60% of the work in process beginning while the ending finished goods inventories are 120% of finished goods inventory beginning. Prime costs amounted to 205,000. Required: Compute for the following: 1. Raw Materials, Beg. 2. Work in Process, Beg. 3. Purchases 4. Work in Process, End 5. Raw Materials, end 6. Finished Goods Beg 7. Direct Material Used 8. Finished Goods, End. 9. Direct Labor Costs .0. Cost of Goods Sold-Actual 1. Factory Overhead Applied 2. Total Net Sales
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