So I need help solving the rest of these T-accounts, please. I\'ve already done
ID: 2610130 • Letter: S
Question
So I need help solving the rest of these T-accounts, please. I've already done parts of a few but I'm stuck on the rest. If someone could please show me step by step including what goes where and how to get there, I would greatly appreciate it. It would really help me for the test later on. Thank you.
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2016 follov Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,800 6,600 20,400Explanation / Answer
1. T-accounts
2. Unadjusted gross profit = Sales revenue - Cost of goods sold = $65780 - $50600 = $15180
3. Manufacturing overhead $8590 underapplied
Actual overheads $15010 - Overheads applied $23600 = Overapplied overheads $8590
4. Adjusted gross profit = Sales revenue - Adjusted cost of goods sold = $65780 - $42010 = $23770
Adjusted cost of goods sold = Cost of goods sold $50600 - Overapplied overheads $8590 = $42010
Raw Materials Inventory Work in Process Inventory Debit Credit Debit Credit Beg. Bal. 16800 Beg. Bal. 6600 (a) 26300 20300 (b) (b) 18270 End. Bal. 22800 (c) 11800 (g) 23600 51370 (h) End. Bal. 8900 Finished Goods Inventory Cost of Goods Sold (COGS) Debit Credit Debit Credit Beg. Bal. 20400 (i) 50600 (h) 51370 50600 (i) End. Bal. 21170 End. Bal. 50600 Manufacturing Overhead Selling, General, Administrative Exp. Debit Credit Debit Credit (b) 2030 (c) 2900 (c) 1100 (c) 1900 (d) 5600 (d) 600 (e) 680 (e) 1020 (f) 5600 23600 (g) End. Bal. 8590 End. Bal. 6420 Sales Revenue Other Accounts Debit Credit Debit Credit 65780 (i) 26300 (a) 11800 (c) End. Bal. 65780 1100 (c) 2900 (c) 1900 (c) 5600 (d) 600 (d) 1700 (e) 5600 (f) End. Bal. 57500Related Questions
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