Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Blasi Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the
Blasi Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories: Finished goods Estimated total manufacturing overhead at the beginning of the year Estimated direct labor-hours at the beginning of the year Results of operations: Raw materials (all direct) requisitioned for use in production Direct labor cost Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Selling and administrative: Selling and administrative salaries Other selling and administrative expenses Cost of goods manufactured Sales revenue Cost of goods sold (unadjusted) Required: a. What is the total manufacturing cost added to Work in Process during the year? b. What is the cost of goods available for sale during the year? c. What is the net operating income for the year? Complete this question by entering your answers in the table below. Required A Required B Required C What is the total manufacturing cost added to Work in Process during the year? Note: Round your intermediate calculations to 2 decimal places. $ 35,500 $ 545,000 45,000 direct labor-hours $ 477,000 $ 582,000 44,000 direct labor-hours $ 141,000 $ 471,000 $ 273,000 $ 304,000 $ 1,391,000 $ 3,308,000 $ 1,312,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started