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Answer
- Cost of Goods manufactured = Beginning WIP Balance + Direct Material + Direct Labor + Overhead applied – Ending WIP Balance
- Note:
Ending WIP Balance = 11000 + 15000 + 18000 + 31000 – 62000 (#7 finished goods)
= $ 13000 - Now, calculation of Cost of Goods manufactured
= $ 11000 + 15000 + 18000 + 31000 - $ 13000
= $ 62,000 Answer
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The following partially completed T-accounts are for Stanford Corporation: 24,000 Bal (1) Raw Materials 7,000 (2)...
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Find the ending work in process account balance
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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Beg Bal Raw...
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Beg Bal Raw Materials 5,050 5,250 9,100 Beg Bal 22,250 Work in Process 4,150 6,250 8,550 8,350 Beg Bal Finished Goods 2,250 22,250 20,450 8,350 Manufacturing Overhead 2,850 3,550 3,250 Wages & Salaries Payable 20,450 Beg Bal Cost of Goods Sold 20,450 Beg Bal 2,550 12,100 The manufacturing overhead was: Multiple Choice О $3,250 overapplied $1,300 underapplied O O O O $3,250 underapplied O $1,300 overapplied
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Molzahn Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year $481,250 35,000 direct labor-hours Results of operations: 40,000 direct labor-hours Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing...
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