Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

All the information you need is provided answer only if you know what to do, don't give me incomplete and incorrect answers. Telstar uses job

All the information you need is provided answer only if you know what to do, don't give me incomplete and incorrect answers.

Telstar uses job order costing. The T-accounts below summarize its production activity for the year.

Raw Materials Inventory

Debit 45900

Credit 25150

8900

Factory Wages Payable

Debit 126,900

Credit 86,650

41,150

Factory Overhead

Debit 8,900

41,150

62,270

Credit

103,584

Work in Process Inventory

Debit 25,150

86,650

103,584

Credit

171,220

Finished Goods Inventory

Debit

171,220

Credit

15,41,90

Compute the amount for each of the following.

  1. Direct materials used
  2. Indirect materials used
  3. Direct labor used
  4. Indirect labor used
  5. Cost of goods manufactured
  6. Cost of goods sold (before closing over- or underapplied overhead)
  7. Compute the amount that overhead is overapplied or underapplied.

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

Step: 3

blur-text-image

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

Financial Accounting Reporting And Analysis

Authors: Michael Diamond, James Stice, Earl K. Stice, James D. Stice

5th Edition

0538873019, 978-0538873017

More Books

Students also viewed these Accounting questions

Question

Demonstrate knowledge of the company/organization and the position.

Answered: 1 week ago