Beginning balances at 1 1 / 2 3 were as follows: Raw materials $ 7 0 ,
Question:
Beginning balances at were as follows:
Raw materials $
Work in process $
Finished goods $
Cash $
The company applies overhead using a predetermined overhead rate based on machine hours. At the beginning of the year, they estimated that it works machine hours and incur $ in manufacturing overhead. Estimated direct labor for the year was $ The following transactions were recorded for
a Raw Materials purchased $
b Raw Materials were requisitioned into production in the amount of $ of this was direct components like titanium and steel, the other were for indirect supplies which was impractical to trace like screws, lubricants, misc. indirect supplies.
c The following employee costs were incurred during labor in the assembly plant $ factory janitor $ factory manager $ administrative salaries $
c Advertising expense incurred $
e Factory utilities $ corporate headquarters utilities $
f Fire insurance on Factory for policy period thru $
B Depreciation for the year, using the straight line basis was $ for the office and $ for the factory.
h Manufacturing overhead was applied to jobs. Jets actual machine hour activity for turned out to be hours. This was more than the as predicted in the beginning of the year.
i Goods completed and transferred to finished goods were $
j Phones were sold for $ that per the job costs sheets cost
k Close out misapplied overhead if any as applicable to COGS
f Jets collected all its accounts receivable.
m Jets paid off all salaries payable and accounts payable
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer