1) | Transaction | General Journal | Debit | Credit | ||||
b. | Work in process inventory | 598,400 | ||||||
Raw materials inventory | 598,400 | |||||||
2) | Ending balance in Raw Materials | |||||||
Raw materials | ||||||||
Beg.bal | 59,500 | |||||||
a. | 634,000 | 598,400 | b. | |||||
End bal | 95,100 | |||||||
3) | Transaction | General Journal | Debit | Credit | ||||
c. | Work in process inventory | 520,000 | ||||||
Manufacturing overhead | 150,000 | |||||||
Selling & administrative salaries | 337,000 | |||||||
Factory wages payable | 1,007,000 | |||||||
4) | Manufacturing overhead applied ($11.75*41,000 DLH's) | (41000*14.15) | 580150 | answer | ||||
5) | Total manufacturing cost added during the year | |||||||
Direct materials | 598,400 | |||||||
Direct labor | 520,000 | |||||||
overhead applied | 580,150 | |||||||
Total. | 1,698,550 | |||||||
total manufacturing cost | 1,698,550 | answer | ||||||
6) | Transaction | General Journal | Debit | Credit | ||||
g. | Finished goods inventory | 1,645,750 | ||||||
Work in process inventory | 1,645,750 | |||||||
7) | Work in process | |||||||
Beg.bal | 37,600 | 1,645,750 | g. | |||||
b. | 598,400 | |||||||
c. | 520,000 | |||||||
f. | 580,150 | |||||||
End bal | 90,400 | |||||||
8) | total actual manufacturing overhead cost | 570,000 | answer | |||||
indirect labor | 150000 | |||||||
Various manfuacturing cost | 420,000 | |||||||
total | 570000 | |||||||
9) | overapplied overhead | 10,150 | answer | |||||
10) | Cost of goods available for sale | 1,707,550 | answer | |||||
(61800+1,645,750) | ||||||||
11) | Transaction | General Journal | Debit | Credit | ||||
h. | cost of good sold | 1,655,750 | ||||||
Finished goods inventory | 1,655,750 | |||||||
12) | Finished goods | Finished Goods | ||||||
Beg.bal | 61,800 | |||||||
g. | 1,645,750 | 1,655,750 | h. | |||||
End bal | 51,800 | |||||||
13) | Adjusted cost of goods sold | 1,645,600 | ||||||
(1,655,750-10,150) | ||||||||
14) | Gross margin | 1,714,400 | ||||||
(sales - adjusted cost of goods sold) | ||||||||
15) | Net operating income | 916,400 | answer | |||||
Gross margin | 1,714,400 | |||||||
less | ||||||||
Selling & adm salaries | -337,000 | |||||||
Various selling & adm | -461,000 | |||||||
Net operating income | 916,400 |
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct labor-hours....
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor hour was based on cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40.000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $ 37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 59,500 $37,600 $ 61,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.25 per direct labor-hour was based on a cost formula that estimated $570,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours....
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 72,500 $ 18, 200 $ 46,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 77,500 $ 32,800 $ 34,800 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $12.75 per direct labor-hour was based on a cost formula that estimated $510,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Nork in process Finished goods $ 40,000 $ 18,000 $ 35,000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 72,500 $ 18, 200 $ 46,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $15.50 per direct labor-hour was based on a cost formula that estimated $620,000 of total manufacturing overhead for an estimated activity level of 40,000...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows: Raw materials Work in process Finished goods $ 63,000 $ 22,200 $ 52,500 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.50 per direct labor-hour was based on a cost formula that estimated $460,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inventory balances were as follows: Raw materials $ 62,500 Work in process $ 23,200 Finished goods $ 36,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company’s predetermined overhead rate of $11.00 per direct labor-hour was based on a cost formula that estimated $440,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...