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all boxes please Christopher's Custom Cabinet Company uses a job order cost system with overhead applled as a percentage of direct labor costs. Inventory balances
all boxes please
Christopher's Custom Cabinet Company uses a job order cost system with overhead applled as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: The following transactions occurred during January: a. Purchased materials on account for $27,700. b. Issued materials to production totaling $21,900,90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $16,000 were recorded as follows: $10,900 for assembly workers $1.700 for factory supervision $1,400 for administrative personnel $2,000 for sales commissions d. Recorded depreciation: $5,400 for factory machines, $1,300 for the copier used in the administrative office; e. Recorded $1,300 of expired insurance. Forty percent wos insurance on the manufacturing facility, with the remainder classifled as an administrative expense. 4. Paid $5,700 in other factory costs in cash. 9. Applied manufacturing overhead at a rate of 200 percent of direct labor cost h. Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,300 for direct materials, $2,300 for direct Iabor, and $4.600 for a oolied overhead. h. Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,300 for direct materials, $2,300 for direct. labor, and $4,600 for applied overhead. 1. Sold jobs costing $51,000. The revenue eamed on these jobs was $66,300 : Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final bolance for the following accounts: a. Raw Materials Inventory. b. Work in Process inventory. c. Finished Goods Inventory. d. Cost of Goods Sold. e. Monufacturing Overhead. t. Seiling. General, and Administrative Expenses. 9. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for: the overhead bafance. 3. Determine the amount of over- or underapplied overhead 4. Compute adjusted gross profit assuming that any over-or Beginning Balance 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is Goods Sold. Complete this question by entering your answers in the tabs below. Determine how much gross profit the company would report during the month of January before any the overhead balance. 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly t Goods Sold. Complete this question by entering your answers in the tabs below. Determine the amount of over- or underapplied overhead. 3. Determine the amount of over-or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted directly to Cos Goods Sold. Complete this question by entering your answers in the tabs below. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted directly to Cost of Goods Sold Step by Step Solution
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