Statement of Cost of Goods Sold of Samsung Manufacturing Company

Preparation of Statement of Cost of Goods Sold. The records of the Samsung Manufacturing Company for the six months ended June 30, 19B provided the following data:

Inventories                       Dec, 31, 19A              June 30, 19B
Raw materials                       $117,000                   $41,600
Factory supplies                           320                          560
Work in process                      30,400                     51,380
Finished goods                       113,500                  121,300
Other Data:
Direct labor                                        $101,000 

Depreciation — machinery                    $ 3,800
Indirect labor                                           6,900 

Depreciation — factory building ...        1 , 1 00
Power and light                                        3,200 

Tool expenses                                          1,645
Heat                                                        1,750 

Factory supplies purchased                      3,100
Fire insurance                                             600 

Raw materials purchased                     314,000
Superintendence                                    11,200 

Compensation insurance                          1,900

Required: A statement of cost of goods manufactured and sold for the six months with a separate schedule for factory overhead and a calculation of the over- or underapplied factory overhead. The company applies factory overhead based on 35% of direct labor cost.