Balance 1/1 Debits Balance 12/31 Debits Debit Raw Materials 31,000 152,000 41,000 Credit Credits ? Manufacturing...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Balance 1/1 Debits Balance 12/31 Debits Debit Raw Materials 31,000 152,000 41,000 Credit Credits ? Manufacturing Overhead Debit Credit 181,900 Credits Work in Process Debit Credit 36,000 Credits 518,000 106,000 198,000 207,900 ? Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Debits Factory Wages Payable 217,000 Balance 1/1 Credit Credits 17,000 212,000 Balance 12/31 12,000 Finished Goods Debit Credit Balance 1/1 Debits 56,000 Credits ? ? Balance 12/31 84,000 Cost of Goods Sold Debit Credit Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $12,000 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Required 1 to 5 Required 6 Required 7 Required 8 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. Show less Balance 1/1 Debits Balance 12/31 Debits Debit Raw Materials 31,000 152,000 41,000 Credit Credits ? Manufacturing Overhead Debit Credit 181,900 Credits Work in Process Debit Credit 36,000 Credits 518,000 106,000 198,000 207,900 ? Balance 1/1 Direct materials Direct labor Overhead Balance 12/31 Debit Debits Factory Wages Payable 217,000 Balance 1/1 Credit Credits 17,000 212,000 Balance 12/31 12,000 Finished Goods Debit Credit Balance 1/1 Debits 56,000 Credits ? ? Balance 12/31 84,000 Cost of Goods Sold Debit Credit Debits Required: 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. 6. If overhead is applied to production using direct labor cost, what was the predetermined overhead rate? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in Work in Process. Assume this balance consists entirely of goods started during the year. If $12,000 of this balance is direct labor cost, how much is direct materials cost? Applied overhead cost? Complete this question by entering your answers in the tabs below. Required 1 to 5 Required 6 Required 7 Required 8 1. What was the cost of raw materials used in production? 2. How much of the materials in (1) above consisted of indirect materials? 3. How much of the factory labor cost is indirect labor? 4. What was the cost of goods manufactured? 5. What was the unadjusted cost of goods sold? Do not include any underapplied or overapplied overhead in your answer. Show less
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-1259024900
10th Canadian edition
Authors: Ray Garrison, Theresa Libby, Alan Webb
Posted Date:
Students also viewed these accounting questions
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
Conduct a diversity audit for Amazon (ensure that data is available on diversity to enable you to conduct the audit). For the audit, you need to establish the diversity of the organisation (focus on...
-
Modify Index to make a program IndexByKeyword that takes a file name from the command line and makes an index from standard input using only the keywords in that file. Note: Using the same file for...
-
Rework Problem 9.37 except that the compressor exit temperature is a) 600°C b) 800°C. Air enters the gas turbine cycle of Fig. 9.44 at 25°C and 100 kPa with a flow rate of 1.2 kg/s. It is...
-
What purpose is served by Form 8857? Read the directions for the form, and see IRS Publication 971 for additional information.
-
In the 1970s, Special Electric Company brokered the sale of crocidolite asbestos, which is the most toxic form of asbestos, to Johns- Manville Corporation. Special Electric never held possession of...
-
Annie Zhao is using attributes sampling in testing controls over sales transactions. She is testing five attributes related to sales invoices using an ARO of 5% (confidence level of 95%), and zero...
-
What are some practical advantages to using a star schema data model over a relational model in healthcare?
-
For this task, each employee's federal, state, and local taxes to be withheld will be determined. When determining the federal taxes to be withheld, remember that there are some deductions that are...
-
Under what circumstances is a functional dependency deemed to be fully functional dependent?
-
If you drop a rock vertically off a cliff that is 4 1 . 9 m high, how long will it take for the rock to hit the ground?
-
The earth's radius is 6 3 7 0 km . Calculate the volume of the earth using this equation and write your answer in scientific notation: _ _ _ _ _ _ _ _ _ _ _ _ km 3
-
What is the efficiency, upto 2 dp , of a heat engine when it absorbs energy at the rate of 8 5 . 2 8 kW and has a useful power output of 3 3 . 5 6 kW ?
-
D uring a skydiving jump a skydivers 8 2 . 5 kg body experiences 1 1 8 N of air resistance. determine the acceleration of the skydiver at this instant in time.
-
Describe how you would do a two sample hypothesis test. Select the variables (dependent and independent ones) and briefly set up the test. Include any ethical issues you might run across as you begin...
-
Draw and label the E and Z isomers for each of the following compounds: 1. CH3CH2CH==CHCH3 2. 3. 4. CH,CH2C CHCH2CH Cl CH3CH2CH2CH2 CH CH2CCCH2CI CHCH3 CH3 HOCH CH CCC CH O-CH C(CH
-
Nicholas Company manufactures a fast-bonding glue, normally producing and selling 40,000 litres of the glue each month. This glue, which is known as MJ-7, is used in the wood industry to manufacture...
-
Would costs related to the building used only by administrative personnel, such as heat and lights, property taxes, and insurance, be considered part of manufacturing overhead? Why or why not?
-
Big Event Limited's sales, current assets, and current liabilities (all in thousands of dollars) have been reported over the past five years (year 5 is the most recent year): Required: 1. Express all...
-
Does having more children drive parents to drink more alcohol? We have data on the following variables: \(W A L C=\) budget share (percent of income spent) for alcohol expenditure; INCOME = total net...
-
A researcher has 1100 observations on household expenditures on entertainment (per person in the previous quarter, \$) ENTERT. The researcher wants to explain these expenditures as a function of...
-
An econometrician wishes to study the properties of an estimator using simulated data. Suppose the sample size \(N\) is set to be 100 . The intercept and slope parameters are 100 , and 10 ,...
Study smarter with the SolutionInn App