The following information was obtained from the records of Appleton Corporation

Question

The following information was obtained from the records of Appleton Corporation during 2013

. • Manufacturing Overhead was applied at a rate of 100 percent of direct labor dollars.

• Beginning value of inventory follows:

• Beginning Work in Process Inventory, $9,000.

• Beginning Finished Goods Inventory, $12,000.

• During the period, Work in Process Inventory decreased by 20 percent, and Finished Goods Inventory increased by 25 percent.

• Actual manufacturing overhead costs were $89,000.

• Sales were $408,000.

• Adjusted Cost of Goods Sold was $319,000.

Required:  Use the preceding information to find the missing values in the following table:

Amount

Direct labor

Item

Amount

Direct Materials Used

Direct labor

Manufactoring Overhead Applied 85,000 Total Current Manufactoring Costs Plus: Begining work in process inventory 9,000 Less: Ending Work in process inventory Cost of goods manufactured Plus: Beginning finished goos inventory 12,000 Less: Ending Finished goods inventory Unadjusted cost of goods sold Overhead Adjustment Adjusted Cost of Goods Sold $319,000

Explanation / Answer

All Amounts in $ Item Amount Direct Materials Used       1,40,200 Direct labor         85,000 Manufactoring Overhead Applied         85,000 Total Current Manufacturing Costs       3,10,200 Plus: Begining work in process inventory           9,000 Less: Ending Work in process inventory           7,200 Cost of goods manufactured       3,12,000 Plus: Beginning finished goos inventory         12,000 Less: Ending Finished goods inventory           9,000 Unadjusted cost of goods sold       3,15,000 Overhead Adjustment           4,000 Adjusted Cost of Goods Sold       3,19,000

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