Applying Integrated Excel: Manufacturing cost flows

The T$-$accounts below summarize a manufacturer's production activity for the year:

Raw Materials Inventory

Debit Credit

$62,00041,500$

$16,600$

Factory Wages Payable

Debit Credit

$192,500124,500$

$68,000$

Work in Process Inventory

Debit Credit

$41,500282,000$

$124,500$

$186,750$

Factory Overhead

Debit Credit

$16,600186,750$

$68,000$

$109,950$

Finished Goods Inventory

Debit Credit

$282,000$

$226,000$

Required:

Compute the following:

Direct materials used

Indirect materials used

Direct labor used

Indirect labor used

Cost of goods manufactured

Cost of goods sold $($before closing over$-$or underapplied overhead$)$

Actual overhead incurred

Overhead applied

The amount of over$-$or underapplied overhead

Indicate whether overhead is over$-$ or underapplied.

Cost of goods sold $($after closing over$-$or underapplied overhead$)$