Revisit Exercise 4-14 about Drew Corp.

If you have not already completed that exercise, do so before answering the following questions.

Required
a. Calculate under- or overapplied overhead for the year.
b. Assuming that Drew closes under- or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year.
c. Assuming that Drew prorates under- or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for theyear.

Raw Materials Inventory Beg. 15,000 Work in Process Inventory Beg. 31,000 Cash Finished Goods Inventory Beg. 22,000 Beg. 32,000 Accounts Receivable Accounts Payable Beg. 56,000 Beg. 42,000