Cost of Goods Sold Statement of Assurance Manufacturing Company

Statement of Cost of Goods Sold. The following data relate to the Assurance Manufacturing Company:
                                                                                                       Inventories
                                                                                  Ending                     Beginning
Finished goods                                                           $95,000                  $1 10,000
Work in process                                                           80,000                      70,000
Direct materials                                                            95,000                      90,000
Costs incurred during the period:
Costs of goods available for sale                                                         $684,000
Total manufacturing costs                                                                      584,000
Factory overhead                                                                                1 67,000
Direct materials used                                                                             193,000
Required: Statement of cost of goods sold of Assurance Manufacturing Company, including all beginning and ending inventories. (AICPA adapted)


Cost of Goods Sold Statement; Unit Cost. The records of Assurance Manufacturing Company show the following information as of March 31, 19B:
Raw materials used                                 $440,000
Direct factory labor                                   290,000
Indirect factory labor                                   46,000
Light and power                                            4,260
Depreciation                                                 4,700
Repairs to machinery                                     5,800
Miscellaneous factory overhead                   29,000
Work in process inventory, April 1, 19A      41,200
Finished goods inventory, April 1, 19A        34,300
Work in process inventory, March 31, 19B  42,500
Finished goods inventory, March 31, 19B    31,500
During the year 18,000 units were completed.

Required: (1) A cost of goods sold statement for the year ended March 31, 19B.
(2) The unit cost of goods manufactured.
(3) The company applies factory overhead on the basis of 30% of direct factory labor cost. Determine the amount of over- or under applied factory overhead.