Pikachu Company applies manufacturing overhead to production at 110% of direct labor cost. During the year ended 20x8, manufacturing overhead of $86,130 was applied to production; actual manufacturing overhead was $110,600. Beginning Work in Process Inventory was $14,200 and beginning Finished Goods Inventory was $35,400. Work in Process Inventory increased by 10% during the year and Finished Goods Inventory decreased by 20% during the year. Sales for the year ended 20xx were $451,100, yielding a $128,700 gross profit.

Complete the following schedule:

Item	Amount
Direct Materials Used in Production
Direct Labor
Manufacturing Overhead Applied
Current Manufacturing Costs
Beginning Work in Process Inventory
Ending Work in Process Inventory
Cost of Goods Manufactured
Beginning Finished Goods Inventory
Ending Finished Goods Inventory
Unadjusted Cost of Goods Sold
Overhead Adjustment
Adjusted Cost of Goods Sold

Answer rating: 100% (QA)

Answer To complete the schedule we need to use the given information to calculate the various items ... View the full answer