The following information was obtained from the records of Appleton Corporation during 2016.
• Manufacturing Overhead was applied at a rate of 125 percent of direct labor dollars.
• Beginning value of inventory follows:
• Beginning Work in Process Inventory, $12,000.
• Beginning Finished Goods Inventory, $25,000.
• During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.
• Actual manufacturing overhead costs were $135,000.
• Sales were $450,000.
• Adjusted Cost of Goods Sold was $325,000.
Required:
Use the preceding information to find the missing values in the following table:
Item Amount
Direct materials used..........................................$ ?
Direct labor........................................................?
Manufacturing overhead applied......................125,000
Total current manufacturing costs.............................?
Plus: Beginning work in process inventory............12,000
Less: Ending work in process inventory......................?
Cost of goods manufactured...................................?
Plus: Beginning finished goods inventory.............25,000
Less: Ending finished goods inventory.......................?
Unadjusted cost of goods sold.................................?
Overhead adjustment............................................?
Adjusted cost of goods sold...........................325,000