Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

cell reference please F A B D E Selected ledger accounts for Paint Processing Company are 2 given below for the year ended November 30,

cell reference please image text in transcribed
image text in transcribed
image text in transcribed
F A B D E Selected ledger accounts for Paint Processing Company are 2 given below for the year ended November 30, 2020: 3 4. 5 $ Open Debits Raw Materials 20,000 630,000 6 6 ? Credits 7 8 Close $ 55,000 9 10 11 $ 12 13 Open Direct materials Direct labour Applied Overhead Close WIP - Mixing Department 50,000 330,000 ? Credits 200,000 400,000 $ 120,000 14 15 16 17 [ 18 19 20 Open Transferred in Direct materials Direct labour Applied Overhead Close WIP - Finishing Department $ 60,000 ? 200,000 ? Credits 120,000 240,000 $ 125,000 21 22 23 A B C D E F G 25 Finished Goods 26 $ Open Debits 40,000 ? 27 ? Credits 28 Close $ 130,000 29 30 31 Debits Manufacturing Overhead $ 680,000 ? Credits 32 33 Close Close 34 35 36 Factory Wages Payable $ 10,000 Open 389,000 384,000 Credits 37 Debits 38 39 40 41 ? Close 42 Cost of Goods Sold 43 44 Debits Close 45 ? 46 47 You have the option of doing some or all of your calculations with the use of the above t-accounts, or cell reference your calculations directly to the amounts provided within the t-accounts. 1 What was the cost of indirect materials put into production during the year? 2 What was the cost of goods manufactured for the year? 3 How much of the factory labour cost for the year consisted of indirect labour? INI 4 What was the balance in the manufacturing overhead account? Was manufacturing overhead underapplied or overapplied? 5 What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)

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

Step: 3

blur-text-image

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

Glencoe Business And Personal Finance

Authors: McGraw-Hill

1st Edition

0021400202, 9780021400201

Students also viewed these Finance questions