More info Work in Process Manufacturing Inventory Wages Payable Overhead 26,000 128,000 78,000 78,000 11,000 43,000 60,000 18,000 43,000 Balance 0 40,000 Finished Goods Inventory 128,000 114,000 Raw Materials Inventory 55,000 37,000 LCD produces screens for use in various smartphones. The company reports the following information at December 31. LCD began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. Requirement 1. What is the cost of direct materials used? The cost of direct materials used is $ 26,000 Requirement 2. What is the cost of indirect materials used? The cost of indirect materials used is $ 11,000 Requirement 3. What is the cost of direct labor? The cost of direct labor is $ 60,000 Requirement 4. What is the cost of indirect labor? The cost of indirect labor is $ 18,000 Requirement 5. What is the cost of goods manufactured? The cost of goods manufactured is $ 128,000 Requirement 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? The cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead) is Requirements 1. What is the cost of direct materials used? 2. What is the cost of indirect materials used? 3. What is the cost of direct labor? 4. What is the cost of indirect labor? 5. What is the cost of goods manufactured? 6. What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)? 7. What is the actual manufacturing overhead? 8. How much manufacturing overhead was allocated to jobs? 9. What is the predetermined manufacturing overhead rate as a percentage of direct labor cost? 10. Is manufacturing overhead underallocated or overallocated? By how much? Print Done