The following information is available for the year ended December 31, 2020: Direct materials inventory, December...

  

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The following information is available for the year ended December 31, 2020: Direct materials inventory, December 31, 2019 Direct materials inventory, December 31, 2020 WIP, January 1, 2020 WIP, December 31, 2020 Finished goods, January 1, 2020 Finished goods, December 31, 2020 Direct labor costs for the year Actual overhead incurred Cost of goods sold Overhead application rate Units manufactured The company prices its product at 150% of full manufacturing cost. $ 25,000 5,000 56,000 28,000 90,000 60,000 100,000 300,000 400,000 140% of direct labor cost 200,000 units REQUIRED: COMPUTE THE FOLLOWING: 1. Cost of goods manufactured: $ 2. Applied overhead: $ 3. Direct materials used: $ 4. Direct materials purchased: $_ 5. Full manufacturing cost per unit: $ 6. Cost of goods available for sale: $ 7. Mis-applied overhead (give amount and direction): $_ 8. Journal entry to dispose of mis-applied overhead: (show computations) Dr Cr 9. GAAP cost of goods sold: $ 10. Sales revenue: The following information is available for the year ended December 31, 2020: Direct materials inventory, December 31, 2019 Direct materials inventory, December 31, 2020 WIP, January 1, 2020 WIP, December 31, 2020 Finished goods, January 1, 2020 Finished goods, December 31, 2020 Direct labor costs for the year Actual overhead incurred Cost of goods sold Overhead application rate Units manufactured The company prices its product at 150% of full manufacturing cost. $ 25,000 5,000 56,000 28,000 90,000 60,000 100,000 300,000 400,000 140% of direct labor cost 200,000 units REQUIRED: COMPUTE THE FOLLOWING: 1. Cost of goods manufactured: $ 2. Applied overhead: $ 3. Direct materials used: $ 4. Direct materials purchased: $_ 5. Full manufacturing cost per unit: $ 6. Cost of goods available for sale: $ 7. Mis-applied overhead (give amount and direction): $_ 8. Journal entry to dispose of mis-applied overhead: (show computations) Dr Cr 9. GAAP cost of goods sold: $ 10. Sales revenue:

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1 Cost of goods manufactured Cost of goods sold FG Dec 31 2020FG Jan 12020 4000006000090000 370000 2 ... View the full answer