DigJam Industries specializes in custom printing jobs. The following data pertains to its operations for the most
Question:
DigJam writes off any under- or overapplied overhead directly to cost of goods sold.
Required:
a. Calculate the cost of raw materials purchased during the year.
b. Calculate the cost of direct labor charged to production.
c. Calculate the cost of goods manufactured during the year.
d. Calculate the amount of underapplied or overapplied overhead.
e. Calculate the cost of goods sold during the year (including thewrite-off).
Transcribed Image Text:
Raw materials beginning inventory Raw materials ending inventory WIP beginning inventory WIP ending inventory Finished goods beginning unventory Finished goods ending inventory Raw materials issued to production Total manufacturing costs charged to production $60,000 $80,000 $80,000 S105,000 S300,000 S320.000 $225,000 raw materials issued to production direct labor + applied overhead at the rate of 120% of direct labor) Cost of goods avalable for sale (beginning balance in finished goods+ cost of goods marnufactured) $885.000 $1.160.000 $400,000 Actual overhead incurred
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a The accounting equation for the raw materials account is Ending balance Beginning balance raw mate...View the full answer
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Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
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