Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below:
Sandra Corporation Balance Sheet January 1 |
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Assets: | ||||||
Cash | $ | 18,000 | ||||
Raw materials | $ | 8,000 | ||||
Work in process | 12,000 | |||||
Finished goods | 17,000 | 37,000 | ||||
Property, plant, and equipment (net) | 219,000 | |||||
Total assets | $ | 274,000 | ||||
Liabilities and Stockholders' Equity: | ||||||
Retained earnings | $ | 274,000 | ||||
Total liabilities and stockholders' equity | $ | 274,000 | ||||
Summaries of the transactions completed during January appear below:
(1) | Raw materials purchased for cash | $ | 82,000 |
(2) | Raw materials used in production (direct materials) | $ | 65,000 |
(3) | Raw materials used in production (indirect materials) | $ | 10,500 |
(4) | Direct labor paid in cash | $ | 78,000 |
(5) | Indirect labor paid in cash | $ | 22,000 |
(6) | Selling and administrative salaries paid in cash | $ | 40,000 |
(7) | Factory utility costs paid in cash | $ | 16,000 |
(8) | Depreciation on PP&E--manufacturing equipment | $ | 11,000 |
(9) | Depreciation on PP&E--selling and administration | $ | 4,000 |
(10) | Advertising expenses paid in cash | $ | 16,000 |
(11) | Manufacturing overhead applied to production | $ | 61,000 |
(12) | Cost of goods manufactured | $ | 194,000 |
(13) | Cash sales | $ | 298,000 |
(14) | Cost of goods sold | $ | 205,000 |
(15) | Overapplied (underapplied) overhead | ? | |
Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.)
|
For the Month Ended January 31 | ||||||||
Transaction | Cash | Raw Materials | Work in Process | Finished Goods | Manufacturing Overhead | PP&E (net) | = | Retained Earnings |
Beginning balances @1/1 | $18,000 | $8,000 | $12,000 | $17,000 | $219,000 | = | $274,000 | |
1 | -$82,000 | $82,000 | = | |||||
2 | -$65,000 | $65,000 | = | |||||
3 | -$10,500 | $10,500 | = | |||||
4 | -$78,000 | $78,000 | = | |||||
5 | -$22,000 | $22,000 | = | |||||
6 | -$40,000 | = | -$40,000 | |||||
7 | -$16,000 | $16,000 | = | |||||
8 | $11,000 | -$11,000 | = | |||||
9 | -$4,000 | = | -$4,000 | |||||
10 | -$16,000 | = | -$16,000 | |||||
11 | $61,000 | -$61,000 | = | |||||
12 | -$194,000 | $194,000 | = | |||||
13 | $298,000 | = | $298,000 | |||||
14 | -$205,000 | = | -$205,000 | |||||
(15) Overapplied overhead | $1,500 | = | $1,500 | |||||
Ending balances @31/1 | $62,000 | $14,500 | $22,000 | $6,000 | $0 | $204,000 | = | $308,500 |
Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of...
Gilkison Corporation uses a job-order costing system to assign
manufacturing costs to jobs. At the end of the month it closes out
any overapplied or underapplied manufacturing overhead to Cost of
Goods Sold. Its balance sheet on October 1 appears below:
Gilkison Corporation
Balance Sheet
October 1
Assets:
Cash
$
10,700
Raw materials
$
4,700
Work in process
15,700
Finished goods
19,700
40,100
Property, plant, and equipment (net)
229,700
Total assets
$
280,500
Liabilities and Stockholders' Equity:
Accounts payable
$...
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