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?
5. Total manufacturing cost
Direct materials | $660,000 |
Direct labor | $440,000 |
Overhead | $502,250 |
Total manufacturing cost | $1,602,250 |
6. Journal entry
Finished goods inventory | $1,542,950 | |
Work in process Inventory | $1,542,950 |
7.
Work in process
Beh bal | $25,600 | $1,542,950 | g |
b | $660,000 | ||
c | $440,000 | ||
f | $502,250 | ||
End bal | $84,900 |
8.
Total manufacturing overhead cost
Indirect labor | $150,000 |
Various manufacturing costs | $340,000 |
Total manufacturing overhead | $490,000 |
5. What is the total manufacturing cost added to Work in Process during the year? 6....
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? 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...
1. What is the total manufacturing cost added to Work in Process during the year? 2. What is the journal entry to record the transfer of completed jobs that is referred to in item g above? Record the manufactured goods completed during this year. 3. What is the ending balance in Work in Process? 4. What is the total amount of actual manufacturing overhead cost incurred during the year? 5. Is manufacturing overhead underapplied or overapplied for the year? By...
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...
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...
were as TOHOWS. Raw materials Work in process Pinished goods $ 84,500 $ 35,000 $ 44,100 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 $12.50 per direct labor-hour was based on a cost formula that estimated $500,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: a. Raw materials were purchased on account,...
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...
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...
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 $ 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...