Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 . ?Input Beginning Balance Sheet as of March 1 , 2 0 2 2 ? 2 . ?Prepare Journal Entries for monthly activities
?Input Beginning Balance Sheet as of March ?
?Prepare Journal Entries for monthly activities
?Post transactions into T accounts
?Prepare a Cost of Goods Manufactured Scheduled for month end march
?Prepare a cost of goods sold schedule for the month ended march
?Prepare an income statement for month end march
?Prepare a balance sheet for the month ended march
Brooks Corporation uses job-order costing to apply manufacturing costs to jobs. The company closes its underapplied or overapplied overhead to cost of goods sold. Its balance sheet on March 1 is as follows: Brooks Corporation Balance Sheet March 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $ 90,000 $ 18,300 22,000 22,800 63,100 2,080 187,000 $ 342,180 $ 21,800 320,380 $ 342,180 During March the company completed the following transactions: a. Purchased raw materials for cash, $82,000. b. Raw materials used in production, $86,000 ($67,800 was direct materials and $18,200 was indirect materials). c. Paid $238,600 of salaries and wages in cash ($135,000 was direct labor, $42,200 was indirect labor, and $61,400 was related to employees responsible for selling and administration). d. Various manufacturing overhead costs paid in cash to support production, $46,400. e. Depreciation on property, plant, and equipment, $37,400 (85% related to manufacturing equipment and 15% related to assets that support selling and administration). f. Various selling expenses incurred on account, $45,000. g. Prepaid insurance expired, $520 (60% related to production, and 40% related to selling and administration). h. Manufacturing overhead applied to production, $135,777. i. Cost of goods manufactured, $?. (Hint: The Work in Process balance on March 31st is $4,800.) j. Cash sales to customers, $578,000. k. Cost of goods sold (unadjusted), $? (Hint: The Finished Goods balance at March 31st is $10,150.) 1. Cash payments to creditors, $38,200. m. Underapplied or overapplied overhead $_?.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started