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The following information was obtained from the records of Appleton Corporation during 2018.

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 $88,000.
Sales were $418,000
Adjusted Cost of Goods Sold was $302,000.

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

Item Amount
Direct Materials Used
Direct labor
Manufacturing 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

Respuesta :

ayokenny2001

Answer:

See below

Explanation:

Items

Direct materials used

($300,200 - $85,000 - $85,000)

$130,200

Direct labor ($85,000/100%)

$85,000

Manufacturing overhead applied $85,000

Total current manufacturing costs

($302,000 + $7,200 - $9,000)

$300,200

Plus: Beginning work in process inventory

$9,000

Less: Ending work in process inventory

($9,000 × 80%)

$7,200

Cost of goods manufactured

($299,000 + $15,000 - $12,000)

$302,000

Plus: Beginning finished goods inventory

$12,000

Less: Ending finished goods inventory

($12,000 × 125%)

$15,000

Unadjusted cost of goods sold ($302,000 - $3,000)

$299,000

Add: Overhead adjustment ($88,000 - $85,000)

$3,000

Adjusted cost of goods sold

$302,000

anthougo

Using the preceding information to find the missing values in the following table, titled Production Cost Schedule, is as below.

What is a Production Cost Schedule?

A production cost schedule is a cost schedule or table that shows the total costs of production at different levels of input and output.

For example, the missing values in the Production Cost Schedule are as follows:

Direct Materials Used                               $152,000

Direct labor                                                   85,000

Manufacturing Overhead Applied               85,000

Total Current Manufacturing Costs          322,000

Plus: Begining work in process inventory    9,000

Less: Ending Work in process inventory    12,000

Cost of goods manufactured                    319,000

Plus: Beginning finished goods inventory  12,000

Less: Ending Finished goods inventory     15,000

Unadjusted cost of goods sold                316,000

Overhead Adjustment                                  3,000

Adjusted Cost of Goods Sold                $319,000

Data and Calculations:

Actual manufacturing overhead costs = $88,000

Adjusted cost of goods sold = $302,000

Work in Process

Beginning Balance $9,000

Ending balance = $10,800 ($9,000 x 1.20)

Finished Goods

Beginning Balance $12,000

Ending balance = $15,000 ($12,000 x 1.25)

Missing Values Table

Direct Materials Used                                 152,000 ($322,000 - $85,000 - $85,000)

Direct labor                                                  85,000 ($85,000/100%)

Manufacturing Overhead Applied             85,000

Total Current Manufactoring Costs         322,000 ($319,000 + $12,000 - 9,000)

Plus: Begining work in process inventory   9,000

Less: Ending Work in process inventory   12,000

Cost of goods manufactured                   319,000 ($316,000 +$15,000 - $12,000)

Plus: Beginning finished goods inventory 12,000

Less: Ending Finished goods inventory    15,000

Unadjusted cost of goods sold                316,000 ($319,000 - $3,000)

Overhead Adjustment                                  3,000 ($88,000 - $85,000)

Adjusted Cost of Goods Sold                $319,000

Learn more production schedules at https://brainly.com/question/14930678

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