Question Details

Mille Lac Corp. applies manufacturing overhead to production 



1.	Mille Lac Corp. applies manufacturing overhead to production at 125% of direct labor cost. During 2008, manufacturing overhead of $100,000 was applied to production; actual manufacturing overhead was $109,000. Beginning Work in Process Inventory was $15,000 and beginning Finished Goods Inventory was $35,000. Work in Process Inventory increased by 10% during the year and Finished Goods Inventory decreased by 20% during the year. Sales for 2008 were $450,000, yielding a $130,000 gross profit.
Complete the following schedule:
   
Direct material used in production 
Direct labor
Manufacturing overhead applied							
Current manufacturing costs
	Beginning work in process inventory
	Ending work in process inventory						
Cost of goods manufactured
	Beginning finished goods inventory
	Ending finished goods inventory							
Unadjusted cost of goods sold
Overhead adjustment					      				
Adjusted cost of goods sold 		




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