442,500 450,000 The ABC company provided the following data for the year ended December 31 (all...

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442,500 450,000 The ABC company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Manufacturing overhead applied to work in process Actual manufacturing overhead cost The company's underapplied or overapplied manufacturing overhead is closed to Cost of Goods Sold. Please complete the following: Schedule of cost of goods manufactured: Direct Materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Deduct: Ending raw materials inventory 60,000 435,000 495,000 15,000 Raw materials used in production 480,000 Direct Labor Manufacturing overhead applied to work in process 442,500 Total manufacturing costs 1,024,500 Add: Beginning work in process inventory 63,000 Deduct: Ending work in process inventory Cost of goods manufactured 52,500 Schedule of costs of goods sold: Beginning finished goods inventory 75,000 Add: cost of goods manufactured 1,035,000 Cost of goods available for sale 1,110,000 Deduct: Ending finished goods inventory Unadjusted cost of goods sold 990,000 Adjust: Over/under applied overhead Adjusted cost of goods sold Income statement: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income: 420,000 360,000 442,500 450,000 The ABC company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Manufacturing overhead applied to work in process Actual manufacturing overhead cost The company's underapplied or overapplied manufacturing overhead is closed to Cost of Goods Sold. Please complete the following: Schedule of cost of goods manufactured: Direct Materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Deduct: Ending raw materials inventory 60,000 435,000 495,000 15,000 Raw materials used in production 480,000 Direct Labor Manufacturing overhead applied to work in process 442,500 Total manufacturing costs 1,024,500 Add: Beginning work in process inventory 63,000 Deduct: Ending work in process inventory Cost of goods manufactured 52,500 Schedule of costs of goods sold: Beginning finished goods inventory 75,000 Add: cost of goods manufactured 1,035,000 Cost of goods available for sale 1,110,000 Deduct: Ending finished goods inventory Unadjusted cost of goods sold 990,000 Adjust: Over/under applied overhead Adjusted cost of goods sold Income statement: Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income: 420,000 360,000