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  3. the following information was obtained from the re

The following information was obtained from the records of Appleton Corporation during 2018. ...

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Accounting

The following information was obtained from the records of Appleton Corporation during 2018.

  • Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars.
  • Beginning value of inventory follows:
    • Beginning Work in Process Inventory, $6,000.
    • Beginning Finished Goods Inventory, $19,000.
  • During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.
  • Actual manufacturing overhead costs were $92,000.
  • Sales were $406,000
  • Adjusted Cost of Goods Sold was $316,000.

Required:

Use the preceding information to find the missing values in the following table:

Item Amount
Direct Materials Used
Direct Labor
Manufacturing Overhead Applied 87,000
Total Current Manufacturing Costs
Plus: Beginning Work in Process Inventory 6,000
Less: Ending Work in Process Inventory
Costs of Goods Manufactured
Plus: Beginning Finished Goods Inventory 19,000
Less: Ending Finished Goods Inventory
Unadjusted Cost of Goods Sold
Overhead Adjustment
Adjusted Costs of Goods Sold 316,000

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