Buchanan Company uses a job-order costing system to assign manufacturing costs t

Question

Buchanan Company uses a job-order costing system to assign manufacturing costs to jobs. During January the company completed the following transactions (all figures are in $1,000). a. Purchased raw materials on account, $74. b. Raw materials used in production, $77 ($67 was direct materials and $10 was indirect materials). c. Paid $167 of salaries and wages in cash ($95 was direct labor, $35 was indirect labor, and $37 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs incurred (on account) to support production, $33. Depreciation recorded on property, plant, and equipment, $90 70% related to manufacturing equipment and 30% related to assets that support selling and administration). f. Various selling expenses paid in cash, $20. g. Manufacturing overhead applied to production, $132 h. Cost of goods manufactured, $288. i. Cash sales to customers, $395 j. Cost of goods sold (unadjusted), $285. k Underapplied or overapplied overhead is closed to COGS Cash RM WIP FG MOH PP&E |- AP R/E b/b 32 17 0 190 7 245 To answer the questions on the next page, enter the numbers relevant for calculation in the table above. Use a positive number if the account balance increase and a negative number if it decreases. If the numbers are not entered, you will not receive points even if you pick the right answer

Explanation / Answer

10 Answer is 10

11 Answer is 262

Cash RM WIP FG MOH PP&E - A/P R/E B/b 32 9 4 17 0 190 7 245 a 74 74 b -77 67 10 c -167 95 35 -37 d 33 33 e 63 -90 -27 f -20 -20 g 132 -132 h -288 288 I 395 395 j -285 -285 k -9 -9 240 6 10 20 0 100 0 114 262

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