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|Schedule of Cost of goods Manufactured|
|Raw Material Inventory beginning||$ 8,800|
|Add:||Purchases of raw Material||$ 1,34,000|
|Total Raw Material available||$ 1,42,800|
|Less:||Raw Material Inventory ending||$ 10,100|
|Raw Material used in production||$ 1,32,700|
|Direct Labor||$ 88,000|
|Manufacturing overhead||$ 2,05,000|
|Total manufacturing cost||$ 4,25,700|
|Add:||Beginning work in process inventory||$ 5,400|
|Less:||Ending work in process inventory||$ 20,500|
|Cost of goods manufactured||$ 4,10,600|
|Schedule of Cost of Goods Sold|
|Finished Goods Inventory Beginning||$ 74,000|
|Add:||Cost of goods manufactured||$ 4,10,600|
|Cost of goods available for sale||$ 4,84,600|
|Less:||Finished Goods Inventory Ending||$ 25,200|
|Unadjusted cost of goods sold||$ 4,59,400|
|Add:||Underapplied Overheads||$ 16,000|
|Adjusted cost of goods sold||$ 4,75,400|
|2||Underapplied Overheads = Actual Manufacturing overheads - Manufacturing overheads applied|
|Underapplied Overheads = $221000 - $2,05,000 = $16,000|
|Less:||Cost of Goods Sold||$ 4,75,400|
|Gross Margin||$ 1,75,600|
|Less:||Selling and Administrative Expenses:|
|Selling Expense||$ 1,05,000|
|Administrative Expense||$ 43,000||$ 1,48,000|
|Net Operating Income||$ 27,600|
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