Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as...
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Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Finished Goods Inventory Materials Inventory Work-In-Process Inventory BB (11/1) 44,000 134,000 BB (11/1) 74,000 BB (11/1) 103,000 Labor 99,000 Cost of Goods Sold Manufacturing Overhead Control 92,000 Additional information for November follows: 94,000 194,000 134,000 Applied Manufacturing Overhead Labor wage rate was $30 per hour. Manufacturing overhead is applied at $24 per direct labor-hour. During the month, sales revenue was $340,000, and selling and administrative costs were $62,000. 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? f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Finished Goods Inventory Materials Inventory Work-In-Process Inventory BB (11/1) 44,000 134,000 BB (11/1) 74,000 BB (11/1) 103,000 Labor 99,000 Cost of Goods Sold Manufacturing Overhead Control 92,000 Additional information for November follows: 94,000 194,000 134,000 Applied Manufacturing Overhead Labor wage rate was $30 per hour. Manufacturing overhead is applied at $24 per direct labor-hour. During the month, sales revenue was $340,000, and selling and administrative costs were $62,000. 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? f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold.
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Answer rating: 100% (QA)
a To determine the cost amount of direct materials issued to production during November we need to calculate the change in Materials Inventory Beginning Balance BB of Materials Inventory 111 44000 End... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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