The following data has been taken from the accounting records of We Make It Corporation...
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Accounting
The following data has been taken from the accounting records of We Make It Corporation for the month of January Cost of goods sold.. $900 70 Direct labor... 310 Direct materials used, .400 Raw materials inventory, January 1........ $60 Work in process, January 1.... Finished goods inventory, January 1........ 120 Actual manufacturing overhead.. Applied manufacturing overhead 220 Administrative expenses.... Cost of goods manufactured 950 200 Purchase of raw materials. 350 Sales........... 1.350 180 Selling expenses. . 140 (No indirect materials were used) 1. Calculate the January 31 ending balance in the raw materials inventory account. 2. Calculate the January 31 ending balance in the work in process inventory account 3. Calculate the January 31 ending balance in the finished goods inventory account. 2. Calculate the January 31 ending balance in the work in process inventory account. 3. Calculate the January 31 ending balance in the finished goods inventory account. 4. What is the amount of Cost of Goods Sold after adjusting for over- or under-applied manufacturing overhead. 5. Prepare a traditional income statement for the month ending January 31
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