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Company provided the following data for the year ended December 31 (all raw materials are...

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Accounting

Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses $ 219,000
Purchases of raw materials $ 270,000
Direct labor ?
Administrative expenses $ 155,000
Manufacturing overhead applied to work in process $ 375,000
Actual manufacturing overhead cost $ 359,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year
Raw materials $ 56,000 $ 33,000
Work in process ? $ 29,000
Finished goods $ 37,000 ?

The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $33,000. The companys underapplied or overapplied overhead is closed to Cost of Goods Sold.

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

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