Using the below information from Pennington Corp., prepare a schedule of cost of goods manufactured and a
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Using the below information from Pennington Corp., prepare a schedule of cost of goods manufactured and a schedule of cost of goods sold. Assume Pennington closed underapplied or overapplied Overhead to Cost of Goods Sold.
Sales $500,000
Direct Labor $125,000
Raw Material Purchases $300,000
Selling Expense $ 30,000
Administrative Expenses $125,000
Man OH applied to WIP $145,000
Actual Man OH $150,000
Inventories: Beginning Ending
Raw Materials $15,000 $16,000
Work in Process $25,000 $15,000
Finished Goods $10,000 $12,000
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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