Question

Christine Corp. applies manufacturing overhead to production at 85% of direct labor cost. During 2015, manufacturing...

Christine Corp. applies manufacturing overhead to production at 85% of direct labor cost. During 2015, manufacturing overhead of $213,350 was applied to production; actual manufacturing overhead was $188,500. Beginning Work in Process Inventory was $23,600, and beginning Finished Goods Inventory was $45,000. Work in Process Inventory decreased by 10% during the year and Finished Goods Inventory decreased by 20% during the year. Adjusted Cost of Goods Sold was $621,600 for 2015.

Complete the following schedule:
Direct Materials Used in Porduction:

Direct Labor:

Manufacturing Overhead Applied:

Current Manufacturing Costs

Beginning WiP Inventory

Ending WiP Inventory

COGs Manufactured

Beginning Finished Goods Inventory

Ending Finished Goods Inventory

Unadjusted COGS

Overhead Adjustment

Adjusted COGS

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Answer #1

Complete the following schedule:

Direct Materials Used in Porduction: 170540
Direct labour (213350*100/85) 251000
Manufacturing Overhead Applied: 213350
Current Manufacturing Costs 635090
Beginning WiP Inventory 23600
Ending WiP Inventory 21240
COGs Manufactured 637450
Beginning Finished Goods Inventory 45000
Ending Finished Goods Inventory 36000
Unadjusted COGS 646450
Overhead Adjustment (213350-188500) -24850
Adjusted COGS 621600
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