Cabinets, Inc. provides the following data for year 2020: Work in process inventory, December 31, 2019 $ 6,000 Work in process inventory, December 31, 2020 7,500 Insurance, factory 6,000 Depreciation, factory 24,000 Depreciation, general office 2,000 Indirect labor cost 10,000 Utilities, factory 8,000 General office supplies 7,500 Purchases of raw materials 30,000 Raw materials inventory, December 31, 2019 7,000 Raw materials inventory, December 31, 2020 4,000 Direct labor cost 40,000 Manufacturing overhead is applied to production at the rate of $5 per machine hour. Production records reveal that a total of 10,000 machine hours were used for year 2020. Required: 1) Compute the amount of under or over applied overhead. 2) Prepare a schedule of cost of goods manufactured for year 2020.

Cabinets, Inc. provides the following data for year 2020: Work in process inventory, December 31, 2019 $ 6,000 Work in process inventory, December 31, 2020 7,500 Insurance, factory 6,000 Depreciation, factory 24,000 Depreciation, general office 2,000 Indirect labor cost 10,000 Utilities, factory 8,000 General office supplies 7,500 Purchases of raw materials 30,000 Raw materials inventory, December 31, 2019 7,000 Raw materials inventory, December 31, 2020 4,000 Direct labor cost 40,000 Manufacturing overhead is applied to production at the rate of $5 per machine hour. Production records reveal that a total of 10,000 machine hours were used for year 2020. Required: 1) Compute the amount of under or over applied overhead. 2) Prepare a schedule of cost of goods manufactured for year 2020.

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Question

Please help me

Cabinets, Inc. provides the following data for year 2020:
Work in process inventory, December 31, 2019 $ 6,000
Work in process inventory, December 31, 2020 7,500
Insurance, factory 6,000
Depreciation, factory 24,000
Depreciation, general office 2,000
Indirect labor cost 10,000
Utilities, factory 8,000
General office supplies 7,500
Purchases of raw materials 30,000
Raw materials inventory, December 31, 2019 7,000
Raw materials inventory, December 31, 2020 4,000
Direct labor cost 40,000
Manufacturing overhead is applied to production at the rate of $5 per machine
hour. Production records reveal that a total of 10,000 machine hours were
used for year 2020.
Required:
1) Compute the amount of under or over applied overhead.
2) Prepare a schedule of cost of goods manufactured for year 2020.

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