- prepare journal entries - post the entires to T accounts with the beginning ba
ID: 2507097 • Letter: #
Question
- prepare journal entries
- post the entires to T accounts with the beginning balances, with ending balances for: Raw materials, work in progress, finished goods, manufacturing overhead, and cost of goods sold.
On Jan 1. The company's inventory balances were as follows:
Raw materials: $25,000
Work in Progress: $10,000
Finished Goods: $60,000
The company applies overhead costs based on direlect labor hours. For the current year, the company has made the following estimates:
Estimated Manufacturing OVerhead Cost: 430,000
Estimated Direct Labor Hours: 60,000
Transactions during the year:.
1.Raw materials purchased on account: 470,000
2.Raw materials were requisitoned for the use in production:
direct materials: 395,000
Indirect Materials: 35,000
3.The following costs were incurred for employee services:
direct labor: $65000
indirect labor: 100,000
sales commission: 30000
Admin Salaries: 130000
4.Sales travel costs: 15,000
5.Utility costs in the factory: 47000
6.Advertising costs: 115000
7.Depreciation was recorded for the year: 450,000
factory equipment: 70%
admin equipment: 30%
8. Insurance expired during the year: 20,000
factory operations: 60%
admin activities: 40%
9.manufacturing overhead was applied to production:
actual direct labor hours: 67,000
10. cost of goods completed during the year: 780,000
11. total sales on account: 1,150,000
12. cost of goods sold: 725,000
Is manufacturing overhead underapplied or overapplied?
prepare a journal entry to close the balance in manufacturing overhead to cost of goods sold. what is the new balance in cost of goods sold?
Explanation / Answer
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