Urgent please, thank you. Problem Information: Morrison Company began the year with the following balances in...
HELP! THANK YOU!
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: • Raw Materials $ 125,000 • Work-in-Process $ 320,000 • Finished Goods $ 400.000 Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000 The following transactions occurred during the year: 1. Purchased $100,000 of raw materials...
1. 2. Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125.000 • Work-in-Process $ 320,000 • Finished Goods S 400.000 Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000 The following transactions occurred during the year: Purchased $100,000 of raw materials on account. Used...
use
any 15,000 as used raw material
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . . . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased...
please show equations and work used to figure out the
problems
. Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1....
Problem Information: Jackson Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 Jackson Co. applies overhead to production using direct labor cost. As of the beginning of the year, Jackson co. estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased $100,000 of raw materials on account....
COMPREHENSIVE PROBLEM 1 Morrison Company began the year with the following balances in its inventory accounts: • Raw Materials $ 15,000 • Work-in-Process $ 45,000 • Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year's total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year: 1. Purchased $94,000 of raw materials on account. 2....
Morrison Company began the year with the following balances in its inventory accounts: • Raw Materials $ 15,000 • Work-in-process $ 45,000 • Finished Goods $ 85,000 Morrison applies Overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year's total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year Purchased $94,000 of raw materials on account. 2. Used $87,000 of raw...
5. (2 points) Assuming Morrison closes under or over-applied overhead to Cost of Goods Sold, compute adjusted COGS for the period. 6. (2 points) Prepare a traditional format income statement for the year. (ignore income taxes). 7. (1 point) Clarity of supporting computations. Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 Morrison applies overhead to production using direct labor cost. As of...
ALLIG231-SPRING 200 COMPREHENSIVE PROBLEM 1 the year with the following balances in its inventory accounts: Morrison Company beganti $ 15,000 • Raw Materials • Work-in-Process $ 45,000 • Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the vear. Morrison estimated the year's total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. 3. The following transactions occurred during the year: Purchased $94,000 of raw materials on...
REQUIRED. Round all answers to the nearest dollar. 1. (1 point) Compute the predetermined overhead rate Morrison will use to apply MOH to Work-in-process. 2. (1 point) Compute the amount of overhead applied to Work-in-process during the year. 3. (3 points) Compute the ending balances in Raw Materials, Work-in-process, and Finished Goods accounts (hint: don't forget to include beginning balances). 4. (2 points) Compute the amount of over- or under-applied overhead for the year (be sure to label it as...