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6. Carley Products has no work-in-process or finished goods invento balances of Carley's accounts include the...
Stangl Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In ProcessFinished GoodsCost of Goods SoldTotalDirect materials$ 1,480$ 7,410$14,430$ 23,320Direct labor5,28017,67034,41057,360Manufacturing overhead applied3,7708,70016,53029,000Total$10,530$33,780$65,370$109,680 Manufacturing overhead for the month was underapplied by $3,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month...
E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April. Jobs A and B were in process at the beginning of April. Job A...
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 If underspplied or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Select one: a. $1,440,000 b. S 640,000 c. S 960,000 d. $1,040,000 If operations run on less than...
3. calculate the ending balances of work in process and finished goods as of June 30. A. WIP: B, FG: 4. calculate cost of goods sold for June. 4.5 At the beginning of June, Galway Company had two jobs in process, Job 78 and Job 79, with the following accumulated cost information: Job 79 Direct materials Direct labor Applied overhead Balance, June 1 Job 78 $1,000 600 750 $2,350 $ 800 1,000 1.250 $3,050 During June, two more jobs (80...
Selected information from the Blake Corporation accounting records for June follows Materials Inventory Work-In-Process Inventory Finished Goods Inventory Cost of Goods Sold BB (6/1) 91,000 453 000 Labor 360,000 EB(6/30 560,000 BB (6 293,000 418,000 838,000 835 000 26,000 Manufacturing Overhead Control Applied Manufacturing Overhead 396,000 370,000 370,000 26,000 Additional information for June follows . Labor wage rate was $20 per hour . During the month, sales revenue was $1,033,000, and selling and administrative costs were $238,000 .This company has...
apter 21 E2-11 (Algo) Calculating Cost of Jobs in Work in Process, Finished Goods, and Cost of Goods Sold [LO 2- Jenkins Company uses a job order cost system with overhead applied to jobs on the basis of direct labor hours. The direct labor rate is $20 per hour, and the predetermined overhead rate is $15 per direct labor hour. The company worked on three jobs during April Jobs A and B were in process at the beginning of April....
For a cost flow in a job order costing system, when does work-in-process become finished goods? when materials, labor, and overhead are applied to finished goods when materials are purchased when the manufacturing is completed when the goods are sold Incorrect Question 8 0/0.5 pts The primary product costs for a service business is none of the above is correct direct materials and direct labor all of the above
Over-applied overhead that is material in amount is allocated between Finished Goods inventory, Work in process Inventory and Cost of Goods sold at year end. Over-applied factory overhead that is immaterial in amount is closed to Cost of Goods Sold at year end. First and second sentence are true First and second sentence are false Only the first statement is true Only the second statement is true Manufacturing overhead is a An indirect cost of jobs A necessary element of...
How to figure the beginning work in process and the end of year finished goods amework Superior Company provided the following data for the year ended December 31 (al raw materials are used in production as direct materials $ 216.00 $ 263.ee Purchases of raw materials Direct labor Asinistrative expenses Manufacturing overhead applied to work in process Actual manufacturing verhead cost $ $ 365,100 353, see Inventory balances at the beginning and end of the year were as follows: Year...
Exercise JoJo Co. had the following balances and information for October Beg finished goods inventory = $18 Beg. work in process inventory = $3 Beg, raw materials inventory = $9 End, finished goods inventory = $9 End. Work in process inventory = $6 End. raw materials inventory = $15 Raw material purchases = $OU Factory wages paid = $90 Indirect materials = $b Indirect labor $21 Other overhead costs = $54 Sales = $330 Predetermined overhead rate = 200% direct...