Dobson Manufacturing Company Assignment

Dobson Manufacturing Company uses a job order cost system with manufacturing overhead applied to products on the basis of direct labor dollars. At the beginning of the most recent period, the company estimated its total direct labor cost to be $57,000 and its total manufacturing overhead cost to be $91,200.

Several incomplete general ledger accounts show the transactions that occurred during the most recent accounting period which is given in the second requirement.

predetermined overhead rate is 160 % of direct labor

Raw Materials Inventory Work in Process Inventory
Beginning Balance 13,400 79,100 Beginning Balance 29,700 187,700
Purchases 93,800 Direct Materials 69,200
Ending Balance 28,100 Direct Labor $41,500
Applied Overhead 66,400
Ending Balance 19,100
Finished Goods Inventory Cost of Goods Sold
Beginning Balance 41,000 179,100 Unadjusted Cost of Goods Sold 179,100
Cost of Goods Completed 187,700 Adjusted Cost of Goods Sold 166,200
Ending Balance 49,600
Sales Revenue Manufacturing Overhead
302,000 Indirect Materials 9,900 66,400 Applied Overhead
Indirect Labor 15,000
Factory Depreciation 12,300
Factory Rent 5,700
Factory Utilities 1,900
Other Factory Costs 8,700
Actual Overhead 53,500
Selling, General, and Administrative Expenses
Adm. Salaries 27,000
Office Depreciation 18,600
Advertising 14,200
Ending Balance 59,800

Over-applied by $12,900.

DOBSON MANUFACTURING COMPANY
Cost of Goods Manufactured and Sold Report
Beginning Raw Materials Inventory 13,400
Plus: Raw Material Purchases 93,800
Less: Indirect Material Used 9,900
Less: Ending Raw Materials Inventory 28,100
Direct Materials Used in Production 69,200
Direct Labor 41,500
Manufacturing Overhead 66,400
Total Current Manufacturing Costs 177,100
Plus: Beginning Work in Process Inventory 29,700
Total Work in Process 206,800
Less: Ending Work in Process Inventory 19,100
Cost of Goods Manufactured 187,700
Plus: Beginning Finished Goods Inventory 41,000
Cost of Goods Available for Sale 228,700
Less: Ending Finished Goods Inventory 49,600
Unadjusted Cost of Goods Sold 179,100
Adjustment for Overapplied Overhead -12,900
Adjusted Cost of Goods Sold 166,200

5. Prepare a brief income statement for the company.

DOBSON MANUFACTURING COMPANY
Income Statement
Sales Revenue ??????
Cost of Goods Sold ??????
Gross Profit ??????
Selling, General, and Administrative Expenses ??????
Net Income from Operations ??????

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