9. Is manufacturing overhead underapplied or overapplied for the year? By how much?
10. What is the cost of goods available for sale during the year?
11. What is the journal entry to record the cost of goods sold referred to in item h above?
12. What is the ending balance in Finished Goods?
9) Applied overhead = 490000/40000*41000 = 502250
Actual overhead = 150000+340000 = 490000
Over applied overhead = 502250-490000 = 12250
10) Cost of goods available for sale = 37200+1542950 = 1580150
11) Journal entry
No | General Journal | Debit | Credit |
Cost of goods sold | 1552950 | ||
Finished goods | 1552950 | ||
12) Ending finished goods = 1580150-1552950 = 27200
9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 10. What is...
13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? 14. What is the gross margin for the year? 15. What is the net operating income for the year? 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 $ 79,000 $ 25,600 $ 37,200 The company...
5. What is the total manufacturing cost added to Work in Process during the year? 6. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? 7. What is the ending balance in Work in Process? 8. What is the total amount of actual manufacturing overhead cost incurred during the year? Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:...
1. What is the journal entry to record raw materials used in production? 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? 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 $ 79,000...
[The following information applies to the questions displayed below.) 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 $ 79,000 $ 25,600 $ 37,200 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 $12.25 per direct labor-hour was based on a cost formula that estimated $490,000 of total manufacturing...
1. What is the ending balance in Work in Process? 2. Is manufacturing overhead underapplied or overapplied for the year? By how much? 3. What is the cost of goods available for sale during the year? 4. What is the journal entry to record the cost of goods sold referred to in item h above? Record the cost of goods sold to the customer. 5. What is the ending balance in Finished Goods? 6. Assuming that the company closes its underapplied...
Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw Materials .... ....... Work in Process ..................... Finished Goods ........................ $16,000 $10,000 $30,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated...
LAL 2 to warehousing), $367,000. e. Incurred various manufacturing overhead costs (e.g.. depreciation, insurance, and utilities). $500,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. g. Jobs costing $1,680,000 to manufacture according to their job cost sheets were completed during the year. h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their...
1. what is the journal entey to record raw materials used in production? (if no entry is required for a transaction/event, select "no journal entey required" in the first account field.) 2. What is the ending balance in Raw Materials? 3. What is the journal entry to record the labor costs incurred during the year? 4. What is the total amount of manufacturing overhead applied to production during the year? Required information The following information applies to the questions displayed...
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 Work in process Finished goods $ 79,000 $ 25,600 $ 37,200 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 $12.25 per direct labor-hour was based on a cost formula that estimated $490,000 of total manufacturing overhead for an estimated activity level of 40,000 direct...