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6 Question 2 - Chapter Three Pr: x 6 -) C i ezto.mheducation.com/ext/map/index.htm|?_con=con&externa|_browser=0&launchUr|=https%253A%252F%252F|ms.mheducaticn.com%252F... 1} G (a a 1" a R * D E Apps YouTube 25 Log In to Canvas 0 Facebook Chapter Three Problems (10 pts.) 0 Saved Help Save & Exit Submit Check my work 2 Gold Nest Company oquandong, China, is a family-owned enterprise that makes blrdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses ajob-order costing system in which overhead is applied tojobs on the basis of direct labor cost. Its predetermined 5 overhead rate is based on a cost formula that estimated $92,000 of manufacturing overhead for an estimated activity level of $40,000 points direct labor dollars At the beginning ofthe year, the inventory balances were as follows: egook Raw materials $10 , 500 Work in process 5 4, 600 Print Finished goods 5 E, 200 ' References During the year, the following transactions were completed: a. Raw materials purchased on account, $165,000. b. Raw materials used in production, $148,000 (materials costing $128,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: Direct labor $ 165,000 Indirect labor 5 299,200 Sales commissions $ 21,000 Administrative salaries 5 42,000 d. Rent for the year was $18,600 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $16,000. f. Advertising costs incurred, $11,000. 9. Depreciation recorded on equipment, $24,000. ($18,000 of this amount related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities.) all: \"53,\" ( Brev mum" Next a Question 2 - Chapter Three Pr: x 6 -) C 6 ezto.mheducation.com/ext/map/index.htm|?_con=con&external_browser=0&launchUrI=https%253A%252F%252F|ms.mheducation.com%252F... 1} G (a a 1" a 3 0 S Apps II YouTube 25 Log In to Canvas 0 Facebook Chapter Three Problems (10 pts.) 0 Saved Help Save & Exit Submit Check my work ht Manufacturing overhead cost was applied to jobs, $ ? . it Goods that had cost $226,000 to manufacture according to theirjob cost sheets were completed jt Sales for the year (all paid in cash) totaled $502,000. The total cost to manufacture these goods according to theirjob cost sheets was $217,000. 5 WW5 Required: 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your 55\" journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). 3A. ls Manufacturing Overhead underapplied or overapplied for the year? BB. Prepare ajournal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. References 4. Prepare an income statement for the year. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared. Print Complete this question by entering your answers in the tabs below. Reql Req2 ' Requ ' Reqas ' Req4 ' Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the rst account eld. Do not round intermediate calculations.) ransaction list Journal entry worksheet 2 3 4 5 6 7 a 11 > Raw materials purchased on account, $165,000. M: 351\" ( Brev {dilution Next ACCT&203 W21 0561 - PRIN O X Question 2 - Chapter Three Prc X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252F... G VATOSRAJ Apps YouTube Log In to Canvas f Facebook Chapter Three Problems (10 pts.) i Saved Help Save & Exit Submit Check my work 2 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 5 points Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. ) eBook View transaction list Print References Journal entry worksheet 2 3 4 5 6 7 8 11 Raw materials purchased on account, $165,000. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Mc Graw Hill EducationACCT&203 W21 0561 - PRIN O X Question 2 - Chapter Three Prc X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252F... G VATOSRAJ Apps YouTube Log In to Canvas f Facebook Chapter Three Problems (10 pts.) i Saved Help Save & Exit Submit Check my work 2 j. Sales for the year (all paid in cash) totaled $502,000. The total cost to manufacture these goods according to their job cost sheets was $217,000. Required: 5 points 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). eBook 3A. Is Manufacturing Overhead underapplied or overapplied for the year? 3B. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Print 4. Prepare an income statement for the year. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared. References Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 Is Manufacturing Overhead underapplied or overapplied for the year? Underapplied Overapplied Req 2 Req 3B > Mc Graw Hill EducationACCT&203 W21 0561 - PRIN O X Question 2 - Chapter Three Prc X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252F... G VATOSRAJ Apps YouTube Log In to Canvas f Facebook Chapter Three Problems (10 pts.) i Saved Help Save & Exit Submit Check my work 2 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3A Req 3B Req 4 5 points Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook View transaction list Print References Journal entry worksheet Record the entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Mc Graw Mc Graw Hill Education