The total manufacturing costs for the year were 670000 the

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Reference no: EM13577425

Chris Dodd Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses	$	211,000
Purchases of raw materials	$	263,000
Direct labor		?
Administrative expenses	$	152,000
Manufacturing overhead applied to work in process	$	335,000
Total actual manufacturing overhead costs	$	358,000

Inventory balances at the beginning and end of the year were as follows:

	Beginning of Year		End of Year
Raw materials	$	55,000	$	39,000
Work in process		?	$	29,000
Finished goods	$	36,000		?

The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $39,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold.

Required:

a.	Prepare a schedule of cost of goods manufactured.

Prepare a schedule of cost of goods sold

c.	Prepare an income statement for the year.

Reference no: EM13577425

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