Coronado Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since...

  

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Coronado Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Coronado uses a job order costing system. On January 1, the T-accounts for some of Coronado's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 58,900 1/1 25,000 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41.900 Finished Goods Cash 1/1 34,600 1/1 34,200 During the year, the following events occurred: Coronado purchased raw materials costing $115,000 on account. Coronado used $149.300 of raw materials in production. Of these, BO% were classified as direct materials and 20% as indirect materials. (Coronado maintains a single Raw Materials Inventory account.) 1. 2. Coronado used 31,800 hours of direct labor. The company's average direct labor rate was $11 per hour (credit Wages Payable). 3. 4. The company's only indirect labor was $168,000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $96,400, Coronado applied $316,800 in manufacturing overhead. 5. 6. The comoanv comoleted oroduction of Roods costing $795.400. v2/assessment-plaver/index htm1Zlaunchld-56h29e04-fidec-4931.9a13-1db13bc33f/6# 7. overhead Coronado applied $316,800 in manufacturing overhead. The company completed production of goods costing $795.400. The company's Cost of Goods Sold balance was $801.300 before adjusting for over or underapplied overhead. 6. 7. 8. 9. Sales revenue was $1.040,000 (all sales were made on account). 10. Coronado collected $803,200 from customers. 11. The company paid accounts payable of $201.300. 12. At year-end, all wages earned during the year had been paid. (a) Calculate under- or overapplied overhead for the year. (Round answer to Odecimal places, eg 5,275.) Overhead Overapplied by $ 22540 (b) Assuming that Coronado closes under-or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Adjusted cost of goods sold 778760 (c) Assuming that Coronado prorates under or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year. (Round % of total, allocation iand final answers to O decimal places, eg 52J Adjusted Balance 15189 Work In Process %24 28024 Finished Goods $4 779887 Cost of Goods Sold Coronado Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Coronado uses a job order costing system. On January 1, the T-accounts for some of Coronado's primary balance sheet accounts were as follows: Raw Materials Inventory Work in Process Inventory 1/1 58,900 1/1 25,000 Accounts Receivable Accounts Payable 1/1 47,300 1/1 41.900 Finished Goods Cash 1/1 34,600 1/1 34,200 During the year, the following events occurred: Coronado purchased raw materials costing $115,000 on account. Coronado used $149.300 of raw materials in production. Of these, BO% were classified as direct materials and 20% as indirect materials. (Coronado maintains a single Raw Materials Inventory account.) 1. 2. Coronado used 31,800 hours of direct labor. The company's average direct labor rate was $11 per hour (credit Wages Payable). 3. 4. The company's only indirect labor was $168,000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $96,400, Coronado applied $316,800 in manufacturing overhead. 5. 6. The comoanv comoleted oroduction of Roods costing $795.400. v2/assessment-plaver/index htm1Zlaunchld-56h29e04-fidec-4931.9a13-1db13bc33f/6# 7. overhead Coronado applied $316,800 in manufacturing overhead. The company completed production of goods costing $795.400. The company's Cost of Goods Sold balance was $801.300 before adjusting for over or underapplied overhead. 6. 7. 8. 9. Sales revenue was $1.040,000 (all sales were made on account). 10. Coronado collected $803,200 from customers. 11. The company paid accounts payable of $201.300. 12. At year-end, all wages earned during the year had been paid. (a) Calculate under- or overapplied overhead for the year. (Round answer to Odecimal places, eg 5,275.) Overhead Overapplied by $ 22540 (b) Assuming that Coronado closes under-or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Adjusted cost of goods sold 778760 (c) Assuming that Coronado prorates under or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year. (Round % of total, allocation iand final answers to O decimal places, eg 52J Adjusted Balance 15189 Work In Process %24 28024 Finished Goods $4 779887 Cost of Goods Sold

Answer rating: 100% (QA)

Direct material 14930080 119440 29860 Indirect material 14930020 Direct labor 3180011 349800 Wages p... View the full answer