cost accounting

Visual Company produces gadgets for the coveted small appliance market. The following data reflect activity for the year 2017: Visual Co. uses a normal-costing system and allocates overhead to work in process at a rate of $3.10 per direct manufacturing labor dollar. Indirect materials are insignificant so there is no inventory account for indirect materials. Required: Prepare journal entries to record the transactions for 2017 including an entry to close out over- or underallocated overhead to cost of goods sold. Keezel Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Keezel for 2017 are as follows: Additional information follows: a. Direct manufacturing labor wage rate was $15 per hour. b. Manufacturing overhead was allocated at $20 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,550,000, and marketing and distribution costs were $810,000. Required: 1. What was the amount of direct materials issued to production during 2017? 2. What was the amount of manufacturing overhead allocated to jobs during 2017? 3. What was the total cost of jobs completed during 2017 ? 4. What was the balance of work-in-process inventory on December 31,2017 ? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2017? Job 745 was completed and sold, Job 746 was completed, and Job 747 is still in process. Budgeted direct labor cost for the month was $160,000 and actual overhead was $65,800. Complete the following: 1. The amount of over- or underapplied overhead for the month was 2. Assuming overhead was $2,000 underapplied and that this amount is considered material, the balance of work in process after allocation of the underapplied overhead based on overhead charged to the accounts during the period is 3. Assuming overhead was $2,000 overapplied and that this amount is considered material, the final adjusted balance of finished goods inventory is 4. Assuming overhead was $100 underapplied and that this amount is considered immaterial, the final adjusted balance of cost of goods sold is