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Beginning balances at 1 1 ? 2 3 were as follows: Raw materials $ 7 0 , 0 0 0 Work in process $ 8
Beginning balances at were as follows: Raw materials $ Work in process $ Finished goods $ Cash $ The company applies overhead using a predetermined overhead rate based on machine hours. At the beginning of the year, they estimated that it works machine hours and incur $ in manufacturing overhead. Estimated direct labor for the year was $ The following transactions were recorded for a Raw Materials purchased $ b Raw Materials were requisitioned into production in the amount of $ of this was direct components like titanium and steel, the other were for indirect supplies which was impractical to trace like screws, lubricants, misc. indirect supplies. c The following employee costs were incurred during labor in the assembly plant $ factory janitor $ factory manager $ administrative salaries $ d Advertising expense incurred $ e Factory utilities $ corporate headquarters utilities $ f Fire insurance on Factory for policy period thru $ Depreciation for the year, using the straight line basis was $ for the office and $ for the factory. h Manufacturing overhead was applied to jobs. Jets actual machine hour activity for turned out to be hours. This was more than the as predicted in the beginning of the year. i Goods completed and transferred to finished goods were $ i Phones were sold for $ that per the job costs sheets cost k Close out misapplied overhead if any as applicable to COGS Jets collected all its accounts receivable. m Jets paid off all salaries payable and accounts payable Prepare appropriate journal entries for a thru above; assume transactions a thru I are recorded on account. Post activity to T accounts. They apply overhead to jobs based on actual machine hours Prepare income statement in good form period ended How much cash do they have at
Beginning balances at were as follows:
Raw materials $
Work in process $
Finished goods $
Cash $
The company applies overhead using a predetermined overhead rate based on machine hours. At the beginning of the year, they estimated that it works machine hours and incur $ in manufacturing overhead. Estimated direct labor for the year was $ The following transactions were recorded for
a Raw Materials purchased $
b Raw Materials were requisitioned into production in the amount of $ of this was direct components like titanium and steel, the other were for indirect supplies which was impractical to trace like screws, lubricants, misc. indirect supplies.
c The following employee costs were incurred during labor in the assembly plant $ factory janitor $ factory manager $ administrative salaries $
d Advertising expense incurred $
e Factory utilities $ corporate headquarters utilities $
f Fire insurance on Factory for policy period thru $
Depreciation for the year, using the straight line basis was $ for the office and $ for the factory.
h Manufacturing overhead was applied to jobs. Jets actual machine hour activity for turned out to be hours. This was more than the as predicted in the beginning of the year.
i Goods completed and transferred to finished goods were $
i Phones were sold for $ that per the job costs sheets cost
k Close out misapplied overhead if any as applicable to COGS
Jets collected all its accounts receivable.
m Jets paid off all salaries payable and accounts payable
Prepare appropriate journal entries for a thru above; assume transactions a thru I are recorded on account. Post activity to T accounts. They apply overhead to jobs based on actual machine hours Prepare income statement in good form period ended
How much cash do they have at
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