Manufacturing overhead applied to work in progress..........$338,000
Total actual manufacturing overhead costs..........................$351,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of the Year End of the Year
Raw materials $55,000 $35,000
Work in Progress ? $23,000
Finished goods $39,000 ?
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $37,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold.
1. Prepare a schedule of cost of goods manufactured.
2. Prepare a schedule of cost of goods sold.
3. Prepare an income statement for the year.
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