Reference no: EM132809256

The following data refer to Twisto Pretzel Company for the year 20x1.

Work-in-process inventory, 12/31/x0 $ 7,900

Selling and administrative salaries 13,700

Insurance on factory and equipment 3,600

Work-in-process inventory, 12/31/x1 8,300

Finished-goods inventory, 12/31/x0 14,000

Cash balance, 12/31/x1 6,000

Indirect material used 4,600

Depreciation on factory equipment 2,100

Raw-material inventory, 12/31/x0 10,200

Property taxes on factory 2,400

Finished-goods inventory, 12/31/x1 15,200

Purchases of raw material in 20x1 39,000

Utilities for factory 6,000

Utilities for sales and administrative offices 2,500

Other selling and administrative expenses 3,800

Indirect-labor cost incurred 29,000

Depreciation on factory building 3,600

Depreciation on cars used by sales personnel 1,200

Direct-labor cost incurred 79,000

Raw-material inventory, 12/31/x1 11,000

Accounts receivable, 12/31/x1 4,100

Rental for warehouse space to store raw material 3,000

Rental of space for company president's office 1,600

Applied manufacturing overhead 58,000

Sales revenue 205,800

Income tax expense 5,100

Problem 1: Prepare the company's schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold.