Tyler Corporation reports the following results for its first month of operations ended December 31. Overhead is applied

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Tyler Corporation Reports The Following Results For Its First Month Of Operations Ended December 31 Overhead Is Applied 1 (111.74 KiB) Viewed 71 times

Tyler Corporation reports the following results for its first month of operations ended December 31. Overhead is applied using a predetermined overhead rate of 80% of direct materials cost. Raw materials purchased $ 22,000 Sales $ 43,200 Direct materials used 13,800 Cost of goods sold Direct labor used 22,000 Selling expenses 30, 200 3,900 5,000 Cost of goods manufactured 35,600 General and administrative expenses 1. Prepare an income statement for the month ended December 31. 2. Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its first month of operations, each account begins with a $0 balance; also, there were no indirect materials used this month. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the December 31 ending inventory balances for Raw Materials, Work in Process, and Finished Goods. Hint: Because Tyler is in its first month of operations, each account begins with a $0 balance; also, there were no indirect materials used this month. Raw Materials Inventory Work in Process Inventory Beginning 0 Beginning Purchases 0 22,000✔ ✓ 13,800 22,000✔ Indirect materials ✔ Direct labor Other overhead costs Ending x 17,600 x 53.400 Ending 22,000 Ending Finished Goods Inventory 0 Beginning 30,200✔ Cost of goods sold Cost of goods manufactured ✔ 35,600✔ Ending 5.400 Ending 0 < Required 1 Required 2 > Ending