Coda Industries uses a job order cost system. On November 1, the company had the following balance in the accounts:
The following transactions occurred during November:
Purchased materials on account at a cost of $270,500.
Requisitioned materials at a cost of $195,500, only $180,000 of which was traceable to specific jobs.
Recorded unpaid factory labor of $267,000, 80 percent of which was direct.
Incurred other costs:
Selling expenses $ 65,300
Factory utilities 68,300
Administrative expenses 92,500
Factory rent 125,000
Factory depreciation 64,800
Applied overhead during the month totaling $290,000.
Completed jobs costing $607,250.
Sold jobs costing $557,700.
Recorded sales revenue (on account) of $850,000.
Required:
1. Prepare Coda’s cost of goods manufactured report for November.
2. Prepare Coda’s November income statement. Include any adjustment to Cost of Goods Sold needed to dispose of over- or underapplied manufacturing overhead.