Use the following information for Hayes, Inc., as of December 31 to answer the next questions:
- Admiistrative salaries $ 32,000
- Depreciation of factory equipment 25,000
- Depreciation of delivery vehicles 8,000
- Direct Labor 68,000
- Factory supplies used 12,000
- Finished goods inventory, January 1 57,000
- Finished goods inventory, December 31 68,000
- Factory insurance15,500
- Interest expense 12,000
- Factory utilities 14,000
- Factory maintenance 7,500
- Raw materials inventory, January 1 8,000
- Raw materials inventory, December 314,000
- Raw material purchases 125,000
- Rent on factory building25,000
- Repairs of factory equipment11,500
- Sales commissions 37,500
- Goods in process inventory, January 1 3,500
- Goods in process inventory, December 312,000
1. What is the correct amount of Cost of Goods Manufactured based on the Hayes, Inc. information?
2. What is the total amount of manufacturing costs added to Goods In Process during the period?
3. What is the correct amount of overhead based on the Hayes Inc. information?