Accounting for Manufacturing Concern (8 Marks) The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $               975,000  Direct labor cost $               165,000   Raw material purchases $               229,000   Selling expense $                  48,750   Administrative expenses $               146,250   Manufacturing overhead applied to work in process $               180,000   Actual manufacturing overhead costs $               175,050   Inventories: Beginning Ending   Raw materials $                  18,000 $                  17,500   Work in process $                  20,000 $                  14,750   Finished goods $                    9,000 $                  11,000 Required: 1

Accounting for Manufacturing Concern (8 Marks) The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $               975,000  Direct labor cost $               165,000 

 Raw material purchases $               229,000 

 Selling expense $                  48,750 

 Administrative expenses $               146,250 

 Manufacturing overhead applied to work in process $               180,000 

 Actual manufacturing overhead costs $               175,050 

 Inventories: Beginning Ending   Raw materials $                  18,000 $                  17,500   Work in process $                  20,000 $                  14,750   Finished goods $                    9,000 $                  11,000 Required: 1. schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. n income statement.