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Debit 5 oints Materials Inventory BB (6/1) 58,000 Credit Debit 1 The following partially complete T-accounts for the month of June along with additional
Debit 5 oints Materials Inventory BB (6/1) 58,000 Credit Debit 1 The following partially complete T-accounts for the month of June along with additional information are from Renfrew & Company: Work-in-Process Inventory Finished Goods Inventory Debit Credit Credit BB (6/1) 79,000 BB (6/1) 134,000 Skipped 206,000 163,000 Cost of Goods Sold Debit Credit Manufacturing Overhead Control Debit Credit 281,000 176,000 Applied Manufacturing Overhead Debit Credit 131,000 eBook Pr Additional information for June follows: References Manufacturing overhead is applied at 90 percent of direct labor cost. Direct labor-hours recorded on jobs in June totaled 4,280. During the month, sales revenue was $446,000, and selling and administrative costs were $86,000. The labor wage rate was $25 per hour. This company uses no indirect materials or supplies. Any products returned by customers are discarded and not resold. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? d. What was the balance of the Work-in-Process Inventory account at the end of June? e. What was the over- or underapplied manufacturing overhead for June? What was the operating profit (loss) for June? Any over- or underapplied overhead is written off to Cost of Goods Sold Complete this question by entering your answers in the tabs below.
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