The T$-$accounts below summarize a manufacturer's production activity for the year:

Raw Materials Inventory

Debit Credit

$63,00042,500$

$17,000$

Factory Wages Payable

Debit Credit

$197,500127,500$

$70,000$

Work in Process Inventory

Debit Credit

$42,500258,000$

$127,500$

$153,000$

Factory Overhead

Debit Credit

$17,000153,000$

$70,000$

$74,200$

Finished Goods Inventory

Debit Credit

$258,000$

$206,000$

Required:

Compute the following:

Direct materials used

Indirect materials used

Direct labor used

Indirect labor used

Cost of goods manufactured

Cost of goods sold $($before closing over$-$or underapplied overhead$)$

Actual overhead incurred

Overhead applied

The amount of over$-$or underapplied overhead

Indicate whether overhead is over$-$ or underapplied.

Cost of goods sold $($after closing over$-$or underapplied overhead$)$The T$-$accounts below summarize a manufacturer's production activity for the year:

Required:

Compute the following:

Direct materials used

Indirect materials used

Direct labor used

Indirect labor used

Cost of goods manufactured

Cost of goods sold $($before closing over$-$or underapplied overhead$)$

Actual overhead incurred

Overhead applied

The amount of over$-$or underapplied overhead

Indicate whether overhead is over$-$ or underapplied.

Cost of goods sold $($after closing over$-$or underapplied overhead$)$

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