Question

estion 6: At the beginning of the year, Beemo Inc. had these beginning balances: Cash Control: $1,440,000 Raw Material Control: $470,300 Work-in-Process Control: $133,800 Finished Goods Control Account: $367,000 Accumulated Depreciation Control Account: $96,500 Accounts Payable Control: $114,000 Using this information, as well as the information from Question 6, please do the following Find the ending balance for the Raw Materials Control Account: a. Find the ending balance for the Work In Process Control Account: b. c. Find the ending balance for the Finished Goods Control Account: d. Indicate whether the manufacturing overhead was over- or under- applied for the month: Calculate how much the manufacturing overhead was over/under-applied by e. Question 7: Using the information from question 6 and 7, please adjust the manufacturing overhead for Beemo Inc using the write-off approach HHH HH H

Answer 1

Answer is given below

a) Ending Balance of Raw Material Control Account $401,000 b) Ending Balance of Work in process control Account $233,590 Ending Balance of Finished Goods Control Account $109,920 d) Manufacturing overheads were over-applied for the month e) Manufacturing overhead over applied Actual Manufacturing Overheads Applied Manufacturing Overhead $9,060 $291,800 $300,860 Credit Debit $9,060 Q.7 $9,060 Manufacturing Overheads To Cost of Goods Sold (Being Over applied Overheads written off to COGS) T Accounts To Opening balance To Accounts Payable Material Inventory 470,300 By Work in process 555,000 By Manufacturing Overhead 520,400 103,900 By Closing Balance 401,000 1,025,300 1,025,300 Direct Labor 546,000 By Work in process To Bank 546,000 546,000 Indirect Labor 88,000 By Manufacturing Overhead To Bank 88,000 88,000 1,267,470 Opening balance To Material Inventory To Direct Labor To Manufacturing Overhead Work in process Account 133,800 By Finished Goods 520,400 546,000 300,860 By Closing balance 233,590 1,501,060 1,501,060 300,860 To Material Inventory To Indirect Labor To Various OH Control To Accumulated Deprecation To Cost of Goods Sold Factory overheads Control 103,900 By Work in process Account 88,000 90,400 9,500 9,060 300,860 300,860 1,524,550 To Opening balance To Work in process Finished Goods Inventory Account 367,000 By Cost of goods sold 1,267,470 By Closing balance 109,920 1,634,470 1,634,470 Cost of Goods Sold 1,524,550 By Manufacturing Overheads To Finished goods inventory 9,060 1,524,550 1,524,550