The Milo Company's records for May contained the following information: Actual direct labour-hours ...
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Accounting
The Milo Company's records for May contained the following information:
Actual direct labour-hours
9,000 hours
Actual direct labour cost
$47,000
Direct material purchased
16,000
Direct material used
14,000
Cost of goods sold
100,000
Overapplied overhead
5,000
Ending inventories:
Raw materials
30,000
Work in process
50,000
Finished goods
70,000
The company uses a predetermined overhead rate of $5.00 per direct labour hour to apply manufacturing overhead to jobs.
The Cost of Goods Manufactured during the month was:
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