The following information was obtained from the records of Martinez Corporation during 2018. 1. Manufacturing overhead was applied at a rate of 175 percent of direct labor dollars. 2. Beginning value of inventory follows: a. Beginning Work in Process Inventory, $32,000. b. Beginning Finished Goods Inventory, $15,000. 3. During the period, Work in Process Inventory decreased by 25 percent and Finished Goods Inventory increased by 30 percent. 4. Actual manufacturing overhead costs were $105,000. 5. Sales were $750,000. 6. Adjusted Cost of Goods Sold was $325,000. Required: Use the preceding information to find the missing values in the following table: Direct Materials Used Direct Labor Item Manufacturing Overhead Applied Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Plus: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold EA Amount 122,500 32,000 15,000 325,000

The following information was obtained from the records of Martinez Corporation during 2018. 1. Manufacturing overhead was applied at a rate of 175 percent of direct labor dollars. 2. Beginning value of inventory follows: a. Beginning Work in Process Inventory, $32,000. b. Beginning Finished Goods Inventory, $15,000. 3. During the period, Work in Process Inventory decreased by 25 percent and Finished Goods Inventory increased by 30 percent. 4. Actual manufacturing overhead costs were $105,000. 5. Sales were $750,000. 6. Adjusted Cost of Goods Sold was $325,000. Required: Use the preceding information to find the missing values in the following table: Direct Materials Used Direct Labor Item Manufacturing Overhead Applied Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Plus: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold EA Amount 122,500 32,000 15,000 325,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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