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Math · Advanced Math
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The following is the trial balance of Hyde Company at December 31,2016, together with the worksheet adjustments. Hyde Company uses perpetual inventory procedures. Trial Balance Adjustment Debit Credit Debit Credit Cash $14,000 Materials inventory 26,000 Work in process inventory 15,000 Finished goods inventory 21,000 Prepaid insurance 1,400 (1) $ 700 Factory machinery 120,000 Accumulated depreciation—Factory machinery $25,000 (2) 8,500 Patents 20,400 (3) 1,600 Accounts payable 33,100 Common stock, $10 par value 85,000 Retained earnings 12,700 Sales 310,000 Manufacturing overhead 8,500 (2) $8,500 Cost of goods sold 207,000 Sales salaries expense 26,000 Advertising expense 6,800 Non-factory administrative expenses 16,700 (1) 700 (3) 1,600 $474,300 $474,300 Income tax expenses (4) 10,000 Income tax payable (4) 10,000 $20,800 $20,800 Additional information: 1. January 1,2016, inventories were materials, $18,000 work in process, $13,900 and finished goods, $21,000. 2. Net delivered cost of materials purchased was $71,400. 3. Direct labor was $90,400. 4. Manufacturing overhead included the following: Indirect labor $30,500 Factory utilities 4,100 Repairs and maintenance 2,200 Factory buildings rent 9,000 Indirect material 7,500 Required

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