Tondre Corporation has provided the following data concerning last month's operations.?Direct materials$24,000?Direct labor$58,000?Manufacturing overhead cost applied to Work in Process$87,000?Overapplied overhead$1,000??BeginningEnding?Raw materials inventory$12,000$17,000?Work in process inventory$50,000$77,000?Finished goods inventory$28,000$48,000Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.Required:a. Determine the cost of goods manufactured for the month.b. Prepare a Schedule of Cost of Goods Sold for the month.
What will be an ideal response?
a.
| ? | Direct materials | $24,000 |
| ? | Direct labor | 58,000 |
| ? | Manufacturing overhead cost applied to work in process | 87,000 |
| ? | Total manufacturing costs | 169,000 |
| ? | Add: Beginning work in process inventory | 50,000 |
| ? | ? | 219,000 |
| ? | Deduct: Ending work in process inventory | 77,000 |
| ? | Cost of goods manufactured | $142,000 |
b.
| ? | Beginning finished goods inventory | $28,000 |
| ? | Add: Cost of goods manufactured | 142,000 |
| ? | Cost of goods available for sale | 170,000 |
| ? | Deduct: Ending finished goods inventory | 48,000 |
| ? | Unadjusted cost of goods sold | 122,000 |
| ? | Deduct: Overapplied overhead | 1,000 |
| ? | Add: Underapplied overhead | 0 |
| ? | Adjusted cost of goods sold | $121,000 |
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