IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system.
Question:
14. You are given the following journal entries for June. (Assume that only one entry is made each month.)
a This entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June.
The Work-In-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $7,000 less than the beginning balance. The Finished Goods ending balance on June 30 was $3,000.
The June income statement shows Cost of Goods Sold of $45,400.
Required
a. What was the Finished Goods beginning inventory on June 1?
b. How much manufacturing overhead was applied for June?
c. What was the manufacturing overhead rate for June?
d. How much manufacturing overhead was incurred for June?
e. What was the Work-In-Process beginning inventory balance?
f. What was the Work-In-Process Ending Inventorybalance?
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher