The following partially completed T-accounts summarize last year's transactions for Kelshaw Company. At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.
Raw Materials:
Beg Balance 4,000 (1) 18,000______(2) 20,000
Work in Progress
Beg Balance 8,000 (2) 12,000 (4) 15,000 (6) 28,000_______(7) 50,000
Manufacturing Overhead (2) 8,000 (3) 12,000 (4) 5,000 (4) 5,000______(6) 28,000
Accounts Payable No Debits (1) 18,000 (5) 4,000
Finished Goods
Beg Balance 17,000 (7) 50,000 End Balance: 12,000
Wages and Salaries Payable: No Debits______Beg Balance 6,000 (4) 30,000
Sales Salaries Expense (4) 10,000
Cost of Goods Sold
Accumulated Depreciation (Factory) No Debits______Beg Balance: 90,000 (3) 12,000
1. The indirect labor cost is:_____.
2. The cost of goods manufactured is:_____.
3. The cost of goods sold (after adjustment for underapplied or overapplied overhead) is:_____.
4. The manufacturing overhead applied is:______.
5. The cost of direct materials used is:______.
