Manufacturing costs for Davenport Company during 2018 were as follows:
Beginning Finished Goods, 1/1/18 …………………………… $24,100
Beginning Raw Materials, 1/1/18 ……………………………….. 35,500
Beginning Work in Process, 1/1/18 ………………………….. 110,300
Direct Labor for 2018 ……………………………………………. $275,300
Ending Finished Goods, 12/31/18 …………………………….. 22,400
Ending Raw Materials, 12/31/18 ………………………………. 40,250
Ending Work in Process, 12/31/18 ………………………….. 120,600
Material Purchases for 2018 (including $15,000 of indirect material) 304,200
Required:
1. Compute direct material used.
2. Compute applied overhead if the company applies overhead at a rate of 0.75 (75 percent) of direct labor cost.
3. Compute total manufacturing cost.
4. Compute cost of goods manufactured.
5. Compute cost of goods sold.
