Q# 03 The cost department of the White Corporation prepared the following data and cost for...

 

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Q# 03 The cost department of the White Corporation prepared the following data and cost for the year: January $48,600 December Finished goods Work in process Materials ? $81,500 $42,350 $34,200 $49,300 Depreciation- factory equipment Depreciation Building $40,000 (50% applicable to factory, 30% to office and 20% to marketing) Interest earned Dividend paid $21,350 $6,300 $2,500 Finished goods inventory: January 1: 300 units; December 31: 420 units, all from current year production. Sold during the year: 3880 units at $ 220 per unit. Material purchased $364,000 Direct labor 162,500 83,400 Indirect labor Indirect material 5,000 Purchase return 4,000 Freight in Carriage out Miscellaneous factory overheads Purchase discount 8,600 2,400 47,900 5,200 4,500 Sales return Marketing and sales expenses Administrative expenses Factory overhead applied at the rate of 30% of direct material 7,500 4,300 cost. Calculate under or over applied factory (2) Required: overheads. Cost of goods manufactured and sold (5) Prepare Income statement statement (5) Q# 03 The cost department of the White Corporation prepared the following data and cost for the year: January $48,600 December Finished goods Work in process Materials ? $81,500 $42,350 $34,200 $49,300 Depreciation- factory equipment Depreciation Building $40,000 (50% applicable to factory, 30% to office and 20% to marketing) Interest earned Dividend paid $21,350 $6,300 $2,500 Finished goods inventory: January 1: 300 units; December 31: 420 units, all from current year production. Sold during the year: 3880 units at $ 220 per unit. Material purchased $364,000 Direct labor 162,500 83,400 Indirect labor Indirect material 5,000 Purchase return 4,000 Freight in Carriage out Miscellaneous factory overheads Purchase discount 8,600 2,400 47,900 5,200 4,500 Sales return Marketing and sales expenses Administrative expenses Factory overhead applied at the rate of 30% of direct material 7,500 4,300 cost. Calculate under or over applied factory (2) Required: overheads. Cost of goods manufactured and sold (5) Prepare Income statement statement (5)