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The Milo Company's records for May contained the following information: Actual direct labour-hours ...

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Accounting

The Milo Company's records for May contained the following information:

Actual direct labour-hours

9,000 hours

Actual direct labour cost

$47,000

Direct material purchased

16,000

Direct material used

14,000

Cost of goods sold

100,000

Overapplied overhead

5,000

Ending inventories:

Raw materials

30,000

Work in process

50,000

Finished goods

70,000

The company uses a predetermined overhead rate of $5.00 per direct labour hour to apply manufacturing overhead to jobs.

The Cost of Goods Manufactured during the month was:

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