Budweiser Corporation has Work in Process inventory account with a beginning balance of was $50,000 and...

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Budweiser Corporation has Work in Process inventory account with a beginning balance of was $50,000 and $10,000 at the end of the month. Budweiser also reports that total direct materials cost of $55,000 of Job 1 And total direct labor cost of Job 1 was $28,000. Using a predetermined overhead rate Budweiser applied $60,000 of manufacturing overhead cost to Work in Process. 1. What is the cost of goods Manufactured? 2. What is the amount of overhead that is overapplied or underapplied? 3. What is the entry to transfer goods from work in process to finished goods? 4. When reviewing the accounts it was determined that an error was made in the raw materials account. Raw Materials began with $20,000, purchases of Raw Materials were $50,000 and Ending Raw Materials were $15,000. However, $5,000 of the materials used were indirect. 5. Would the Cost of Goods Manufactured change? Budweiser Corporation has Work in Process inventory account with a beginning balance of was $50,000 and $10,000 at the end of the month. Budweiser also reports that total direct materials cost of $55,000 of Job 1 And total direct labor cost of Job 1 was $28,000. Using a predetermined overhead rate Budweiser applied $60,000 of manufacturing overhead cost to Work in Process. 1. What is the cost of goods Manufactured? 2. What is the amount of overhead that is overapplied or underapplied? 3. What is the entry to transfer goods from work in process to finished goods? 4. When reviewing the accounts it was determined that an error was made in the raw materials account. Raw Materials began with $20,000, purchases of Raw Materials were $50,000 and Ending Raw Materials were $15,000. However, $5,000 of the materials used were indirect. 5. Would the Cost of Goods Manufactured change?

Answer rating: 100% (QA)

SOLUTION 1 The cost of goods manufactured can be calculated as follows Cost of goods manufactured Be... View the full answer