The following information was obtained from the records of Martinez Corporation during 2013.

1. Manufacturing overhead was applied at a rate of 175 percent of direct labor dollars.

2. Beginning value of inventory follows:

a. Beginning Work in Process Inventory, $32,000.

b. Beginning Finished Goods Inventory, $15,000.

3. During the period, Work in Process Inventory decreased by 25 percent and Finished Goods

Inventory increased by 30 percent.

4. Actual manufacturing overhead costs were $105,000.

5. Sales were $750,000.

6. Adjusted Cost of Goods Sold was $325,000.

Required:

Use the preceding information to find the missing values in the followingtable:

Transcribed Image Text:

tem Amount Direct materials used Direct labor Manufacturing overhead applied Current manufacturing costs 225,500 Plus: Beginning work in process inventory Less: Ending work in process inventory 32,000 Cost of goods manufactured Plus: Beginning finished goods inventory Less: Ending finished goods inventory 15,000 Unadjusted cost of goods sold Overhead adjustment Adjusted cost of goods sold 325,000