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17. ABC Company, which manufactures computer parts, compiled the following information at its most recent...

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17. ABC Company, which manufactures computer parts, compiled the following information at its most recent year-end. Assume that over- or under-applied manufacturing overhead is closed to Cost of Goods Sold at the end of the period and use the information to determine the following: Cost of Goods Manufactured reported Cost of Goods Sold Gross Margin Net Income [ignoring taxes] Direct labor used 45,000 Direct materials purchased 87.000 Indirect materials used (supplies) 18,500 Indirect labor used 21,000 Other manufacturing overhead 37,000 Administrative salaries 23,000 Sales salaries and commissions 43,500 Depreciation on office equipment 9,500 Depreciation on factory equipment 14,000 Applied manufacturing overhead 94,500 Sales revenue 300,000 Raw Materials Inventory DR CR 1/1 16,000 Work in Process Inventory DR CR 35,000 1/1 12/31 $3,500 12/31 $3,500 12/31 19,500 12/31 31,500 Manufacturing Overhead DR CR Finished Goods Inventory DR CR 1/1 55,000 12/31 12/3 12/31 58,500 Sales Cost of Goods Sold CR DR CR DR 12/31 12/31

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