Accounting homework

hw_i-19.04.xlsx

Problem

Soldatna Corporation's controller frequently prepared T-accounts to analyze inventory. However, his penmanship was poor and he is no longer employed by the company. The following was reconstructed from a scratch pad left on his desk. The missing values (?) were illegible. Analyze the information and answer the requirements that follow. Larry Walther: I-19.04
	Raw Materials			Cost of Goods Sold
	beg. bal.	?	?		491,000	?
		175,000			491,000	?
		175,000	?
					481,000
		102,000
	Work in Process			Factory Overhead
	beg. bal.	44,000	460,000		35,000	?
		113,000			40,000
		?			75,000
		?			?
		477,000	?		?	?
		?			?
	Finished Goods
	beg. bal.	131,000	?
		?
		?	?
		100,000
(a)	Overhead is applied at 100% of direct labor cost. How much was direct labor?
(b)	Was overhead over- or underapplied, and by how much?
(c)	Which inventory category increased?
(d)	Other factory overhead, besides indirect material and indirect labor, was $75,000. Indirect labor was 25% of the direct labor. How much was indirect material?
(e)	How much was cost of goods manufactured?

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