Widgets, Inc. has provided the following data for 2014...

	RAW MATERIALS	WORK IN PROGRESS	FINISHED GOODS
Beginning Inventory	$ 48,000	$ 63,000	$ 98,000
Ending Inventory	$ 36,000	$ 81,000	$ 104,000

Raw Materials Purchased for the Year	$ 360,000
Direct Labor	$ 940,000
MANUFACTURING OVERHEAD	-
Est. Total Manufacturing Overhead for the Year	$ 1,000,000
Est. Total Direct Labor Hours	10,000
Actual Total Manufacturing Overhead	1,050,000
Actual Total Direct Labor Hours	9,500

A) Calculate the raw materials used in production.

B) Calculate the manufacturing overhead applied for the year.

C) Calculate the toal manufacturing costs for the year, assuming that all raw materials used are direct materials.

D) Calculate the cost of goods manufactured for the year.

E) Calculate the unadjusted cost of goods sold for the year

F) Calculate the amount of underapplied or overapplied overhead for the year.

G) Calculate the adjusted costs of goods sold after adjusting for the over/underapplied overhead

H) Based on the above information, prepare T-accounts for the following accounts:

1) Raw Materials

2) Work in Progress

3) Finished Goods

4) Cost of goods sold

5) Manufacturing overhead

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