Below is the chart for part 1
Answer all 4 parts in the question correctly, with work, and within a timely fashion for thumbs up! Thanks so much!
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow. Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $15,300 5,600 21,100 The following transactions occurred during January (a) Purchased materials on account for $27,600. (b) issued materials to production totaling $20,100.90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $17,500 were recorded as follows: $10,300 for assembly workers 2400 for factory supervision 1,900 for administrative personnel 2.900 for sales commissions (d) Recorded depreciation: $5,900 for factory machines, $1.200 for the copler used in the administrative office (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (1) Paid $5,400 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 $2.600 for direct materials. $2,100 for direct labor, and $4.200 for applied overhead. (0) Sold jobs costing $51.900. The revenue earned on these jobs was $67.470 Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead 1. Selling General and Administrative Expenses g. 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 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 to Cost of Goods Sold Setup 1 accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all amounts separately. Do not combine/add any dollar amounts when posting to the accounts.) a. Raw Materials Inventory b. Work in Process Inventory. Finished Goods twentory, d. Cost of Goods Sold Manufacturing overhead. 1. Selling, General, and Administrative Expenses 9. Sales Revenue Raw Materials inventory 15300 Work in Process Inventory 5600 Beg Bal Beg Bal End Bal 15.300 End Bal 5.500 Cost of Goods Sold Finished Goods Inventory 21.100 Beg Bal Beg Ball End Bal 21.100 End Bal Manufacturing Overhead Selling, General and Administrative Expenses Beg Bal Beg Bal End Bal End Bal Sales Revenue Beg Bal End Bal
