Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional information for June follows: - Manufacturing overhead is applied at 90 percent of direct labor cost. - Direct labor-hours recorded on jobs in June

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Additional information for June follows: - Manufacturing overhead is applied at 90 percent of direct labor cost. - Direct labor-hours recorded on jobs in June totaled 3,900 . - During the month, sales revenue was $351,000, and selling and administrative costs were $67,000. - The labor wage rate was $25 per hour. - This company uses no indirect materials or supplies. - Any products returned by customers are discarded and not resold. Required: a. What cost amount of direct materlals was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? d. What was the balance of the Work-in-Process Inventory account at the end of June? e. What was the over-or underapplied manufacturing overhead for June? f. What was the operating profit (loss) for June? Any over-or underapplied overhead is written off to Cost of Goods Sold. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? d. What was the balance of the Work-in-Process Inventory account at the end of June? e. What was the over-or underapplied manufacturing overhead for June? f. What was the operating profit (loss) for June? Any over-or underapplied overhead is written off to Cost of Goods Complete this question by entering your answers in the tabs below. What cost amount of direct materials was issued to production during June? Complete this question by entering your answers in the tabs below. How much manufacturing overhead was applied to products during June? Complete this question by entering your answers in the tabs below. What was the cost of products completed during June? hat was the balance of the Work-in-Process Inventory account at the end of June? What was the over-or underapplied manufacturing overhead for June? Complete this question by entering your answers in the tabs below. What was the operating profit (loss) for June? Any over-or underapplied overhead is written off to Cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Auditing Assurance And Consulting Services

Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman

1st Edition

0894136100, 978-0894136108

More Books

Students also viewed these Accounting questions