Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check wur process Finished goods 20,000 $ 47,100 The company applies overhead cost to jobs on the basis of direct labor hours. For the current

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Check wur process Finished goods 20,000 $ 47,100 The company applies overhead cost to jobs on the basis of direct labor hours. For the current year, the company's predetermined overhead rate of $15.25 per direct labor-hour was based on a cost formula that estimated $610,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account. $562,000 b. Raw materials used in production, $513.200. All of of the raw materials were used as direct materials c. The following costs were accrued for employee services direct labor, $560.000Indirect labor, $150,000; selling and administrative salaries, $249,000. d. incurred various selling and administrative expenses (eg, advertising, sales travel costs, and finished goods warehousing), $401,000 e. Incurred various manufacturing overhead costs (eg, depreciation, insurance, and utilities). $460,000. t Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor hours on all jobs during the year 9 Jobs costing $1.614 850 to manufacture according to their job cost sheets were completed during the year. In Jobs were sold on account to customers during the year for a total of $3.397.500. The Jobs cost $1,624,850 to manufacture according to their job cost sheets 10. What is the cost of goods available for sale during the year? Cost of goods available for sale 14. What is the gross margin for the year? Gross margin 11. What is the journal entry to record the cost of goods sold referred to in item h above? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list 20 Journal entry worksheet Record the cost of goods sold to the customer. 1 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal

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

Introduction To AccountingAn Integrated Approach

Authors: Penne Ainsworth, Dan Deines

8th Edition

1119600103, 9781119600107

More Books

Students also viewed these Accounting questions