Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
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 Process | Finished Goods | Cost of Goods Sold | Total | |
|---|---|---|---|---|
| Direct materials | $ 1,480 | $ 7,410 | $14,430 | $ 23,320 |
| Direct labor | 5,280 | 17,670 | 34,410 | 57,360 |
| Manufacturing overhead applied | 3,770 | 8,700 | 16,530 | 29,000 |
| Total | $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 on the basis of the overhead applied during the month in those accounts.
Required:
Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
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Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period.
Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied...
Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw...
1a) Compute the underapplied or overapplied overhead. b) Assume that the company closes any underapplied or...
1a) Compute the underapplied or overapplied overhead.
b) Assume that the company closes any underapplied or
overapplied overhead to Cost of Goods Sold. Prepare the appropriate
journal entry.
c) Assume that the company allocates any underapplied or
overapplied overhead proportionally to Work in Process, Finished
Goods, and Cost of Goods Sold. Prepare the appropriate journal
entry.
d) How much higher or lower will net operating income
be if the underapplied or overapplied overhead is allocated to Work
in Process, Finished Goods,...
a. Prepare a schedule of cost of goods manufactured. b. Was the overhead underapplied or overapplied?...
a. Prepare a schedule of cost of goods manufactured.
b. Was the overhead underapplied or overapplied? By how
much?
c. Prepare an income statement for the year. The company
closes any underapplied or overapplied overhead to Cost of Goods
Sold.
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1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods...
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1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or...
1. Compute the underapplied or overapplied overhead.
2. Assume that the company closes any underapplied or
overapplied overhead to Cost of Goods Sold. Prepare the appropriate
journal entry.
3. Assume that the company allocates any underapplied or
overapplied overhead proportionally to Work in Process, Finished
Goods, and Cost of Goods Sold. Prepare the appropriate journal
entry.
4. How much higher or lower will net operating income be if the
underapplied or overapplied overhead is allocated to Work in
Process, Finished...
1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods...
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13. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold,...
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?
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Please answer all parts, Thanks! Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead...
Please answer all parts, Thanks!
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Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead (LO3 Luzadis Company makes furniture...
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Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw...
1a) Compute the underapplied or overapplied overhead.
b) Assume that the company closes any underapplied or
overapplied overhead to Cost of Goods Sold. Prepare the appropriate
journal entry.
c) Assume that the company allocates any underapplied or
overapplied overhead proportionally to Work in Process, Finished
Goods, and Cost of Goods Sold. Prepare the appropriate journal
entry.
d) How much higher or lower will net operating income
be if the underapplied or overapplied overhead is allocated to Work
in Process, Finished Goods,...
a. Prepare a schedule of cost of goods manufactured.
b. Was the overhead underapplied or overapplied? By how
much?
c. Prepare an income statement for the year. The company
closes any underapplied or overapplied overhead to Cost of Goods
Sold.
Baab Corporation is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: Raw materials Work in process Finished Goods Beginning Ending Balance Balance $ 14,150 $22,150 $...
1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. 5 ? X . HOME - Sign In FILE INSERT Cost of Goods Manufactured and Cost of Goods Sold - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW AA = % D D A. Alignment Number Conditional Format as Cell - Formatting Table Styles - Calibri B I - Paste...
1. Compute the underapplied or overapplied overhead.
2. Assume that the company closes any underapplied or
overapplied overhead to Cost of Goods Sold. Prepare the appropriate
journal entry.
3. Assume that the company allocates any underapplied or
overapplied overhead proportionally to Work in Process, Finished
Goods, and Cost of Goods Sold. Prepare the appropriate journal
entry.
4. How much higher or lower will net operating income be if the
underapplied or overapplied overhead is allocated to Work in
Process, Finished...
1. Calculate and dispose of overapplied or underapplied manufacturing overhead. 2. Calculate the cost of goods manufactured and cost of goods sold. 3. Prepare an income statement for a manufacturing firm. 1 DB5 Cost of Goods Manufactured and Cost of Goods Sold - Excel Ch2 Excel Simulations F22 H F E D 1 1 А B с 1 Stanford Enterprises uses job-order costing. 2 Overhead is applied on the basis of direct labor hours. 3 The following information relates to...
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...
Please answer all parts, Thanks!
Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead (LO3-4) Luzadis Company makes furniture using the latest automated technology. The company uses a job- order costing system and applies manufacturing overhead cost to products on the basis of machine- hours. The predetermined overhead rate was based on a cost formula that estimates $980,000 of total manufacturing overhead for an estimated activity level of 98.000 machine-hours. During the year, a large quantity of furniture...
Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead (LO3 Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,152,000 of total manufacturing overhead for an estimated activity level of 72,000 machine-hours. During the year, a large quantity of furniture on the market resulted in cutting back...
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