Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances. Cash 29,000 Accounts Receivable 53,000 Raw Materials 10,000 Work in Process Finished Goods 58,000 Accounts Payable 16,000 135,000 During 2021, the following transactions occurred: 1. 2 3. 4 Adams purchased raw materials for $160,000 on account. Adams used $150,000 of raw materials in production. Eighty percent were direct materials and 20 percent were indirect materials. $69,000 of direct labor and $27,000 of indirect labor was incurred and paid. Other manufacturing overhead incurred on account totaled $52,000. Adams completed production on goods costing $280,000 Adams sales revenue was $510,000. All goods were sold on account Adams' Cost of Goods Sold was $320,000 before adjusting for over-/underapplied overhead. Adams applies overhead at 200% of direct labor cost. 5. 6. 7. 8. from customers and paid $140,000 to vendors. 10. Adams closes over/underapplied overhead to Cost of Goods Sold, Your answer is partially correct. Record the transactions in the appropriate T-accounts and calculate the ending balances at December 31, 2021. (Post entries in order presented in the problem.) Cash Bal 29000 191 530000 (3) 96000 (9) 140000 Bal 323000 Accounts Receivable Bal. 53000 (6) 510000 (9) 530000 Question 1 of 4 33000 Bal Raw Materials 150000 10000 Bal (2) 160000 (1) Bal. 20000 Work in Process Bal 135000 120000 (3) 280000 (5) (3) 69000 138000 (9) Bal. 182000 Finished Goods Bal. 58000 280000 (5) 320000 (7) Question 1 of 4 Sales Revenue Bal (5) 510000 510000 Bal. Cost of Goods Sold 29000 Bal. 320000 (3) (7) Bal. 291000 Manufacturing Overhead 30000 Bal. Bal. 138000 (8) 27000 (3) 52000 (10) 29000 Bal. Bal. Question Assistance Used e Textbook and Media eTextbook 1 Textbook 2 X Your answer is incorrect. Calculate total manufacturing costs for 2021 $ 328000 Total manufacturing cost e Textbook and Media Attempts: 2 of 4 used Submit Ans Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. o e hype here to search DELL Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances. Cash 29,000 Accounts Receivable 53,000 Raw Materials 10,000 Work in Process Finished Goods 58,000 Accounts Payable 16,000 135,000 During 2021, the following transactions occurred: 1. 2 3. 4 Adams purchased raw materials for $160,000 on account. Adams used $150,000 of raw materials in production. Eighty percent were direct materials and 20 percent were indirect materials. $69,000 of direct labor and $27,000 of indirect labor was incurred and paid. Other manufacturing overhead incurred on account totaled $52,000. Adams completed production on goods costing $280,000 Adams sales revenue was $510,000. All goods were sold on account Adams' Cost of Goods Sold was $320,000 before adjusting for over-/underapplied overhead. Adams applies overhead at 200% of direct labor cost. 5. 6. 7. 8. from customers and paid $140,000 to vendors. 10. Adams closes over/underapplied overhead to Cost of Goods Sold, Your answer is partially correct. Record the transactions in the appropriate T-accounts and calculate the ending balances at December 31, 2021. (Post entries in order presented in the problem.) Cash Bal 29000 191 530000 (3) 96000 (9) 140000 Bal 323000 Accounts Receivable Bal. 53000 (6) 510000 (9) 530000 Question 1 of 4 33000 Bal Raw Materials 150000 10000 Bal (2) 160000 (1) Bal. 20000 Work in Process Bal 135000 120000 (3) 280000 (5) (3) 69000 138000 (9) Bal. 182000 Finished Goods Bal. 58000 280000 (5) 320000 (7) Question 1 of 4 Sales Revenue Bal (5) 510000 510000 Bal. Cost of Goods Sold 29000 Bal. 320000 (3) (7) Bal. 291000 Manufacturing Overhead 30000 Bal. Bal. 138000 (8) 27000 (3) 52000 (10) 29000 Bal. Bal. Question Assistance Used e Textbook and Media eTextbook 1 Textbook 2 X Your answer is incorrect. Calculate total manufacturing costs for 2021 $ 328000 Total manufacturing cost e Textbook and Media Attempts: 2 of 4 used Submit Ans Save for Later Last saved 1 second ago. Saved work will be auto-submitted on the due date. o e hype here to search DELL
