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Can anyone help me with this please? I just need the yellow boxes, cost of goods manufactured report, income statement and the balance sheet. Sampson
Can anyone help me with this please? I just need the yellow boxes, cost of goods manufactured report, income statement and the balance sheet.
Sampson Company uses a job order cost system with overhead applied based on direct labor hours. See estimated amounts below. Note the beginning balances for Finished Goods (Job 101) and Work-in-Process (Jobs 102&103 ) for the costs accumulated to date. Also note, the beginning balances in the other balance sheet accounts. Estimated Annual Overhead 720,000 Estimated Annual Direct Labor Hours 24,000 During January the comapny had the following transactions: (a) Purchased raw materials on accout in the amount of: 10,000 (b) Issued the following materials into production: (c) Recorded salaries and wages as follows: Amount Explanation Direct labor 10,000 Job 102 6,000 Job 103 4,000 For factory Applied overhead to jobs based on the number of direct labor hours requirec Recorded the following actual manufacturing costs: 1 Compute the predetermined overhead rate. Predetermined overhead rate 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in 3 the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the joumal entries to the 'T'Accounts in the 'Ledger Accounts' tab. Calculate the ending balances 4 in all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8. Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. \begin{tabular}{|c|r|c|} \hline \multicolumn{3}{|c|}{ Finished Goods } \\ \hline 1/1 (Beg) & 30,000 & \\ \hline 102 & 32,000 & 30,000g \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Cost of Goods Sold } \\ \hline 9 & 30,000 \\ \hline & \\ \hline unadjuster & 30,000 \\ \hline \end{tabular} 7 Sampson Company Cost of Goods Manufactured Report For the Month of January Boginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used \#REF! Less: Ending Raw Materials Inventory HREFI Direct Materials Used in Production \#REF! Direct Labor Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Total Work in Process Less: Ending Work in Process Inventory Cost of Goods Manufactured* 8 Sampson Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured* (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 9 Sampson Company Balance Sheet As of January 31 st Assets Cash and Other Assets Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Liabilitios Payables and Other Liabilities Stockholders' Equity Total Assets Step by Step Solution
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