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  3. woodland canning company incurred the following ac

Woodland Canning Company incurred the following actual costs during the year. Direct material used $185,000...

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Accounting

Woodland Canning Company incurred the following actual costs during the year. Direct material used $185,000 Direct labor $60,000 Manufacturing overhead $126,000 The firms predetermined overhead rate is 210 per cent of direct labour cost. The January 1 inventory balances were as follows: Raw material $12,500 Work in process $19,500 Finished goods $21,000 Each of these inventory balances was 10 per cent higher at the end of the year. Required a. Determine the over(under)applied overhead for the year. b. Prepare a schedule of cost of goods manufactured for the year. c. What was the cost of goods sold for the year?

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