Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Finished Goods Inventory 83,000 183,000 Applied Manufacturing Overhead BB (11/1) Materials Inventory 33,000 123,000 92,000 Cost of Goods Sold Additional information for November follows: Work-In-Process Inventory 63,000 66,000 BB (11/1) Labor Manufacturing Overhead Control 81,000 . • Labor wage rate was $30 per hour. Manufacturing overhead is applied at $31 per direct labor-hour. BB (11/1) • During the month, sales revenue was $285,000, and selling and administrative costs were $51,000. • This company has no indirect materials or supplies. 123,000 Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work-in-Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Finished Goods Inventory 83,000 183,000 Applied Manufacturing Overhead BB (11/1) Materials Inventory 33,000 123,000 92,000 Cost of Goods Sold Additional information for November follows: Work-In-Process Inventory 63,000 66,000 BB (11/1) Labor Manufacturing Overhead Control 81,000 . • Labor wage rate was $30 per hour. Manufacturing overhead is applied at $31 per direct labor-hour. BB (11/1) • During the month, sales revenue was $285,000, and selling and administrative costs were $51,000. • This company has no indirect materials or supplies. 123,000 Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work-in-Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold.
Expert Answer:
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0077398194
3rd Edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
Partially completed T-accounts and additional information for Pine Ridge Corporation for the month of February follow. Additional information for February follows: ¢ Labor wage rate was $25 per...
-
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November follow. Additional information for November follows: Labor wage rate was $30 per hour. ...
-
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear next: Materials Inventory BB (11/1) 40,000 130,000 99,000 Work-In-Process Inventory BB...
-
This scenario is based on thefollowing information: Jo King, aged 58 provided the following information for the year ended 30 June 2023. Table2 - Jo's receipts Receipts $ Net salary (PAYG tax...
-
How does each of the eight general environmental factors influence industry profitability?
-
What do we mean when we say that capital, drawing, revenue, and expense accounts are under the umbrella of owners equity?
-
Departmental overhead rates Lobeck Manufacturing Company operates two service de- partments and two production departments. The following budgeted data are prepared for the quarter ending March 31....
-
At the beginning of last year, Creative Productions set direct labor standards of 2 hours at $25 per hour for each product produced. During the year, 1,700 direct labor hours were actually worked at...
-
all 5 please. 10. (15 points) For each of the following, state if the equation represents a STRAIGHT LINE, a CIRCLE, a PARABOLA, an ELLIPSE, or a HYPERBOLA a. x +y -8y+10x+4=0 b. 3x+7y-9=0 C. 4x...
-
The tie rods from anchored sheet piles will be connected using a row of anchors, as shown in Figure 18.46a. Here H = 2.0 m, h = 1.25 m, B = 1.5 m, S' = 2.5 m, ' = 32, and = 17.5 kN/m 3 . The anchor...
-
A pizza parlor offers a choice of 16 differenttoppings. How many 6-topping pizzas are possible?Your answer is:
-
Payout Ratio and Book Value per Share Divac Company has developed a statement of stockholders' equity for the year 2017 as follows: Preferred Stock Paid-In Capital- Preferred Paid-In Common Stock...
-
We are confronted with ethical challenges throughout our lives. With each decision we make, we are developing our personal ethical framework for decision-making. Identify a specific ethical dilemma...
-
Assume that a university has hired you to develop a database system for online enrollment. Using the database systems development lifecycle approach: Identify the user groups involved in this stage,...
-
The quantity schedule based on Department Y's production is as follows: Actual Work Done This Month Equivalent Production In process, June 1 5,000 Received from Department X 20,000 Units to be...
-
How do search engine algorithm updates help businesses become better at what they do? How can a business build a search engine friendly website and maintain it such that it promotes business?
-
Sketch the region bounded by the given lines. Then express the region's area as an iterated double integral and evaluate the integral. NEXN= and y=3 A Sketch the region. Choose the correct answer...
-
Using Apple, demonstrate how the differentiation strategy can be well implemented.
-
Refer to the In Action discussion of options backdating. If stock options and other forms of performance-based compensation result in some managers engaging in unethical or illegal behavior, why do...
-
The following transactions occurred in January at Dungan Cabinetry, a furniture maker that uses job costing: 1. Purchased $53,700 in materials on account. 2. Issued $1,500 in supplies from the...
-
What are the dangers of using only business unit measures to evaluate the performance of business unit managers?
-
Perform vertical analysis (Learning Objective 2) Alpha Graphics has requested that you perform a vertical analysis of its balance sheet. ALPHA GRAPHICS, INC. Total current assets Balance Sheet...
-
Prepare common-size income statement (Learning Objective 3) Prepare a comparative common-size income statement for Enchanted Designs using the 2007 and 2006 data of Exercise 13-13 and rounding...
-
Calculate ratios (Learning Objective 4) The financial statements of Natures Health Foods include the following items: Requirements Compute the following ratios for the current year: a. Current ratio...
Study smarter with the SolutionInn App