The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30)...
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The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance. 40,900 (9/30) Cost of Goods Sold Debit Debit Credit Credit Hages Payable Credit Work-in-Process Inventory Credit Debit Beginning Balance (9/1). Purchases Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Materials Inventory Debit 131,460 Sales Revenue Credit 511,000 Finished Goods Inventory Debit Credit Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. Credit Ending Balance (9/30) • The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor • Factory depreciation totaled $35,400. Manufacturing Overhead Control Debit Credit • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. • The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions Direct materials Indirect materials 69,500 Debit Beginning Balance (9/1) Direct materials Direct labor Overhead annlied Work-in-Process Inventory 23,900 119,800 Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Materials Inventory Debit 40,900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Credit Direct materials Indirect materials Credit Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory Debit 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue. Credit Credit Credit 131,460 Credit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 40.900 Finished Goods Inventory 69,500 Manufacturing Overhead Control Wages Payable Direct materials Indirect materials Credit Credit Credit Direct labor Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) 23,900 119,800 Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 The following T-accounts represent September activity for Kelly Tools: Materials Inventory Debit Ending Balance (9/30) 40,900 Cost of Goods Sold Debit Credit Debit Wages Payable Credit Credit Work-in-Process Inventory. Credit Debit Beginning Balance (9/1) Direct Labor 23,900 119,800 Manufacturing Overhead Applied Debit Credit Debit 131,460 Sales Revenue + Credit 511,000 Finished Goods Inventory Debit Credit Ending Balance (9/30) 69,500 Manufacturing Overhead Control Debit Credit Required: Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions. Additional Data • Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $80,100 were purchased during the month, and the balance in the Materials Inventory account increased by $7,500 • Overhead is applied at the rate of 210 percent of direct materials cost. . The balance in the Finished Goods Inventory account decreased by $22,400 during the month before any proration of under-or overapplied overhead. • Total credits to the Wages Payable account amounted to $138,000 for direct and indirect labor. • Factory depreciation totaled $35,400. • Overhead was overapplied by $19,000. Overhead other than indirect labor, indirect materials, and depreciation incurred was $57,550, which required payment in cash. Overapplied overhead is to be allocated. . The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation. Debit Beginning Balance (9/1) Purchases Ending Balance (9/30) Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Indirect materials Ending Balance (9/30) Materials Inventory 40,900 Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Credit Direct materials Indirect materials Credit Credit Debit Beginning Balance (9/1) Direct materials Direct labor Overhead applied Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Work-in-Process Inventory 23,900 119,800 143,700 143,700 Cost of Goods Sold Applied Manufacturing Overhead Credit Credit Credit 131,460 Debit Beginning Balance (9/1) Balance before proration Ending Balance (9/30) Debit Beginning Balance (9/1). Indirect materials Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Finished Goods Inventory 69,500 69,500 Manufacturing Overhead Control Wages Payable Credit Credit Credit Direct labor Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Debit Beginning Balance (9/1) Ending Balance (9/30) Applied Manufacturing Overhead Cost of Goods Sold Sales Revenue Credit Credit 131,460 Credit 511,000 511,000
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Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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