the information below has been taken from

PROBLEM1 The information below has been taken from the cost records of T Co. for the past year: $326 225 Direct materials used in production Direct labor OH allocated at 80% of DLS Actual OH Cost of goods available for sale Sales revenue Selling & administrative expenses 125 826 1000 25 Inventories Beginning $75 Ending 85 Direct materials Work in process Finished goods 30 110 80 Prepare a statement of cost of goods manufactured & sold for T Co. (use normal costing) You must compute DM purchased. Prepare the closing entry for OH using COGS Prepare the Income Statement. Prepare the closing entry for OH using Proration (show computations