Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you use the second pic as a template. thank you. Chapter 16: Homework Problem #2 Directions: Arrange the below accounts in the cost flow

can you use the second pic as a template. thank you. image text in transcribed
image text in transcribed
Chapter 16: Homework Problem #2 Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers and the ending balances for each account. Close the overapplied or underapplied Factory Overhead to Cost of Goods Sold, Finished Goods Inventory Beginning Balance Transferred In Transferred Out Ending Balance 95,000 Unknown 1,325,000 Unknown Materials Inventory Beginning Balance Purchases Direct materials used Indirect materials used Ending Balance 45,000 Unknown Unknown Unknown 204 200 Wages Payable Total Factory Payroll Direct Labor Indirect Labor 1.760,000 475.000 Unknown Work in Process Inventory Beginning Balance Direct Materials Direct Labor Factory Overhead Transferred Out Ending Balance 30.000 315.000 Unknown Unknown 2 200 000 Unknown Factory Overhead Factory Overhead is applied based on direct labor costs Estimated foctory overhead 1.550,000 Estimated direct labor costs 500,000 Actual Other Factory Overhead 12,600 Actual Indirect Materials Used 75,800 Cost of Goods Sold Beginning Balonce Transferred In Ending Balance 318 500 Unknown Unknown Materials Inventory Work in Process Inventory Finished Goods Inventory 0 11 12 13 Cost of Goods Sold Wages Payable 14 Factory Overhead Actual Applied 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 + 31 32 33 34 35 36 327 20

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_2

Step: 3

blur-text-image_3

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

Statistical Analysis Microsoft Excel 2013

Authors: Conrad Carlberg

1st Edition

0789753111, 9780789753113

More Books

Students also viewed these Accounting questions

Question

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago

Question

Describe the importance of employer branding.

Answered: 1 week ago

Question

Explain corporate sustainability.

Answered: 1 week ago