Partial operating data for a Company follow. Chapter $17$

marks

Partial operating data for a Company follow.

It has set the predetermined overhead rate for the current year at ${120}_{?}$

percent of Direct Labor costs. Required:

$($a$).$ Compute the unknown values, showing all your computations;

$($b$).$ Additionally, support your answers using T$-$accounts;

$($c$).$ Finally, make a Statement of Cost of Goods Manufactured;

$

Finished Goods Inventory, Ending

$67,660$

It has set the predetermined overhead rate for the current year at $120$ percent of Direct Labor costs. Required:

$($a$).$ Compute the unknown values, showing all your computations;

$($b$).$ Additionally, support your answers using T$-$accounts;

$($c$).$ Finally, make a Statement of Cost of Goods Manufactured;

$

Beginning Materials Inventory, a

Beginning Work in Process Inventory $89,605$

Beginning Finished Goods Inventory $79,764$

Direct Materials Used $59,025$

Materials Purchased $57,100$

Direct Labor Costs $48,760$

Manufacturing Overhead Applied b

Cost of Units Completed c

Cost of Goods Sold $166,805$

Ending Materials Inventory $32,014$

Work in Process Inventory, Ending d

Finished Goods Inventory, Ending $67,660$