Accounting 10

Oscar Corp. applies manufacturing overhead to production at 150% of direct labor cost. During 20x5, manufacturing overhead of $180,000 was applied to production; actual manufacturing overhead was $199,000. Beginning Work in Process Inventory was $20,000 and ending Work in Process Inventory was $24,000. Beginning Finished Goods Inventory was $42,000, ending Finished Goods Inventory was $39,000. Sales for 20x5 were $580,000, yielding a $117,000 gross profit.
Complete the following schedule:
1. Direct Materials used in production.
2. Direct Labor.
3. Manufacturing Overhead Applied.
4. Current Manufacturing Costs.
a. beginning work in process inventory.
b. ending work in process inventory.
5. Costs of Goods Manufacturing.
a. beginning finished goods inventory.
b. ending finished goods inventory.
6. Unadjusted cost of goods sold.
7. Overhead Adjusted
8. Adjusted cost of goods sold

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