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The following data from the just completed year are taken from the accounting records of ABC Company: Direct labor cost 158,000 Raw material purchases 172,000

The following data from the just completed year are taken from the accounting records of ABC Company:

Direct labor cost

158,000

Raw material purchases

172,000

Manufacturing overhead applied to work in process

150,000

Actual manufacturing overhead costs

178,050

Inventories:

Beginning

Ending

Raw materials

$17,000

$15,500

Work in process

16,000

12,750

Finished goods

7,500

9,500

Required:

1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

2. Prepare a schedule of cost of goods sold. Assume that the companys underapplied or overapplied overhead is closed to Cost of Goods Sold.

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