3-17 pls

P90etEM 3-17. Cost Flows; FAccounts; Income Statement LO32,LOS3,LOM4 thest anomets as of January 1 . are given below Because the videos differ ia lentith and in coniplecity of podacton, the enepuny wes a pbenter beve of 7,000 camera-bours. The folbivering transation cocurred dering the year: 4. Hiln, coseimes, and similar raw materials purchaset on account 5185.00 b. Film, cottumes, and cther raw materials wod is production, $200000 isss of thit muserial was c. Unity wests incursed in the production saudio, 572,000 matheting and adrniniseration. 2. Adrentiving expense iscurred 5130000 Coso for clates and wages were incurted as sollom: catsen-loen during the year. 1. Sales for the year totaled 5925,000 and were att on aceunt. The tutal cost as prodoce these ridere. acourding to their job cont shicets w15 s $60,000 2. Collectians from customen auring the year toriled s s 50,000 7i. Taymenis to ispphien on accoume during the year, $500000, payment to caployees for saluier and wagen, 5285,000 Aequired: 1. Prepare a T-actount for esch account en the coapamy's balance whect and chat the beginaint. bulances. 2. Recond bhe uranastions directly inio the T-wecoutts. Popure sew T-accounts as nosded. Key your entries to the lenen (a) throuph im) above. Compue the endine balinco in each account. 3. Is the Soalio (munufacturing) Overbead acco:at sndenplied or overapblicd for the year? Make at entry in the Taceounts to close any Dalance in the Studio Orebbead acceutit 60 Cont of Goods Sold, 4. Prepare a vehedille of cost of goods manufactured. If does corrcctly, the cont of goods manufactured from your schedile should agree wich which of the above tinsisctions? 5. Prepare a sehedule of cost of goods soil. If done correcty, be unadjusted cost of goods sold from your schodule showld agree wiah which of the ahere transitions? 6. Prepure an income itaternent for the year: Select cases are available in Connect. ETHLCS CHALLENGE LOS- 4 Terri Rossin had recently becs transferred to the Home Sceurity Syeem Division of Naticeal Home Products, Sborily after taking over her new posibion as diviwianal coitrolier, ahe wes askod to deselop the divisies's predetrmined overhead rate for the upcoining year. The accurscy of the rate is impectant because it is used throughout the year and any underapplied or averappliced orerhead is closed our to Cost of Goods Sold at the end of the year. National Hone Products uhes difece labor hours in all of its divisions as the allocation tuse for manufacturing overhead. To compute the prrdeterunincd orerhead rice, Terri divided ber entimute of the total munufoctaring overiead for the coming year by the prodaction managef's estinate of the total direct lathor-hours for the coming year, She took her computaticas lo the division's general ananager for approval bat was quile surprised when he suggested a modification in the allocation buse. Her conersiation with the gonaral manager of the Home Security Systems Division, Harry Irving, weet like thiy Ronsurt: Here are my cakculations for next year's predelermincal oy rite iato the conputce on lanuary 1 and be ppand running year. ininge. Thanks for coning up with the calculecioss so qricke vlight modification I would lile to see. Your eisimate of hoer. ffow about curting that to about 420.000 houf Ransin: I fon't know if I can do that. The proluction bsun to mect the sales projections for the yeat hours during the curnent yeir and sales are or Inves: Teri, I know all of that. I weald esil wounething like 430000 hours, You pf P90etEM 3-17. Cost Flows; FAccounts; Income Statement LO32,LOS3,LOM4 thest anomets as of January 1 . are given below Because the videos differ ia lentith and in coniplecity of podacton, the enepuny wes a pbenter beve of 7,000 camera-bours. The folbivering transation cocurred dering the year: 4. Hiln, coseimes, and similar raw materials purchaset on account 5185.00 b. Film, cottumes, and cther raw materials wod is production, $200000 isss of thit muserial was c. Unity wests incursed in the production saudio, 572,000 matheting and adrniniseration. 2. Adrentiving expense iscurred 5130000 Coso for clates and wages were incurted as sollom: catsen-loen during the year. 1. Sales for the year totaled 5925,000 and were att on aceunt. The tutal cost as prodoce these ridere. acourding to their job cont shicets w15 s $60,000 2. Collectians from customen auring the year toriled s s 50,000 7i. Taymenis to ispphien on accoume during the year, $500000, payment to caployees for saluier and wagen, 5285,000 Aequired: 1. Prepare a T-actount for esch account en the coapamy's balance whect and chat the beginaint. bulances. 2. Recond bhe uranastions directly inio the T-wecoutts. Popure sew T-accounts as nosded. Key your entries to the lenen (a) throuph im) above. Compue the endine balinco in each account. 3. Is the Soalio (munufacturing) Overbead acco:at sndenplied or overapblicd for the year? Make at entry in the Taceounts to close any Dalance in the Studio Orebbead acceutit 60 Cont of Goods Sold, 4. Prepare a vehedille of cost of goods manufactured. If does corrcctly, the cont of goods manufactured from your schedile should agree wich which of the above tinsisctions? 5. Prepare a sehedule of cost of goods soil. If done correcty, be unadjusted cost of goods sold from your schodule showld agree wiah which of the ahere transitions? 6. Prepure an income itaternent for the year: Select cases are available in Connect. ETHLCS CHALLENGE LOS- 4 Terri Rossin had recently becs transferred to the Home Sceurity Syeem Division of Naticeal Home Products, Sborily after taking over her new posibion as diviwianal coitrolier, ahe wes askod to deselop the divisies's predetrmined overhead rate for the upcoining year. The accurscy of the rate is impectant because it is used throughout the year and any underapplied or averappliced orerhead is closed our to Cost of Goods Sold at the end of the year. National Hone Products uhes difece labor hours in all of its divisions as the allocation tuse for manufacturing overhead. To compute the prrdeterunincd orerhead rice, Terri divided ber entimute of the total munufoctaring overiead for the coming year by the prodaction managef's estinate of the total direct lathor-hours for the coming year, She took her computaticas lo the division's general ananager for approval bat was quile surprised when he suggested a modification in the allocation buse. Her conersiation with the gonaral manager of the Home Security Systems Division, Harry Irving, weet like thiy Ronsurt: Here are my cakculations for next year's predelermincal oy rite iato the conputce on lanuary 1 and be ppand running year. ininge. Thanks for coning up with the calculecioss so qricke vlight modification I would lile to see. Your eisimate of hoer. ffow about curting that to about 420.000 houf Ransin: I fon't know if I can do that. The proluction bsun to mect the sales projections for the yeat hours during the curnent yeir and sales are or Inves: Teri, I know all of that. I weald esil wounething like 430000 hours, You pf