Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. $75,800 In raw materlals were purchased for cash b. $71.200 In raw materlals were used In production, Of this amount. $66.500 was for direct
a. $75,800 In raw materlals were purchased for cash b. $71.200 In raw materlals were used In production, Of this amount. $66.500 was for direct materlals and the remalnder was for Indirect materlals. c. Total labor wages of $151,600 were Incurred and pald. Of this amount, $134,800 was for direct labor and the remainder was for Indirect labor d. Additlonal manufacturing overhead costs of $125,600 were Incurred and pald. e. Manufacturing overhead of $124,100 was appled to production using the company's predetermined overhead rate. f. All of the Jobs in process at the end of the month were completed. g. All of the completed Jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactlons to T-accounts. 2 Determine the adjusted cost of goods sold for the perlod. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts Cash Raw Materials Beg. Bal. Beg. Bal 353,000 68,500 b 75,800 a 151,600 c. 125,800 d. 4,700 4,800 End. Bal. 75,800 End. Bal Finished Goods Work in Process Beg. Bal Beg. Bal End. Bal. End. Bal. Cost of Goods Sold Manufacturing Overhead Beg. Bal. Beg. Bal, End. Bal End. Bal. Required 2 Required 1
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