8 1 points eBook References Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3) Partially...

 

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8 1 points eBook References Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3) Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Work-In-Process Inventory Finished Goods Inventory 88,000 188,000 128,000 Applied Manufacturing Overhead BB (11/1) Materials Inventory 38,000 128,000 97,000 Cost of Goods Sold BB (11/1) 68,000 Labor 81,000 Additional information for November follows: Manufacturing Overhead Control 86,000 BB (11/1) • Labor wage rate was $30 per hour. • Manufacturing overhead is applied at $27 per direct labor-hour. During the month, sales revenue was $310,000, and selling and administrative costs were $56,000. . This company has no indirect materials or supplies. Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work-in-Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? 1. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. 8 1 points eBook References Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3) Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Work-In-Process Inventory Finished Goods Inventory 88,000 188,000 128,000 Applied Manufacturing Overhead BB (11/1) Materials Inventory 38,000 128,000 97,000 Cost of Goods Sold BB (11/1) 68,000 Labor 81,000 Additional information for November follows: Manufacturing Overhead Control 86,000 BB (11/1) • Labor wage rate was $30 per hour. • Manufacturing overhead is applied at $27 per direct labor-hour. During the month, sales revenue was $310,000, and selling and administrative costs were $56,000. . This company has no indirect materials or supplies. Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work-in-Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? 1. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold.