Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Diewert Equipment, a manufacturer of exercise and workout equipment for sale to institutions, uses job costing. The following transactions occurred in January. 1. Purchased $75,000

Diewert Equipment, a manufacturer of exercise and workout equipment for sale to institutions, uses job costing. The following transactions occurred in January. 1. Purchased $75,000 of materials. 2. Incurred $84,000 for utilities, power, equipment maintenance, and other miscellaneous items pertaining to the production facility. 3. Issued $7,200 of supplies from the materials inventory. 4. Issued $81,000 in direct materials to the production department. 5. Direct labor costs of $77,000 were credited to Wages Payable. 6. Paid for the materials purchased in transaction (1). 7. $14,500 of indirect labor costs were credited to Wages Payable. 8. Applied overhead was assigned to products at the rate of 150 percent of direct labor costs. 9. Accrued depreciation on manufacturing property, plant, and equipment of $21,500. 10. Returned $3,200 of the supplies in transaction (3) to inventory. 11. Paid the for the wages incurred in transaction (5) The following balances appeared in the accounts of Ervin Equipment for January: Beginning Ending Materials Inventory $28,300 ? Work-in-Process Inventory $50,400 ? Finished Goods Inventory $179,200 $170,000 Cost of Goods Sold $245,600

Please help me with all 5 questions below. Thank you so much

Question 6: Determine the amount of adjustment to assign to Work in Process.

Question 7: Determine the amount of adjustment to assign to Finished Goods.

Question 8: Determine the amount of adjustment to assign to Cost of Goods Sold. Question 9: Determine the ending balance after adjustment of Work in Process Inventory.

Question 10: Determine the ending balance after adjustment of Finished Goods Inventory.

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

Financial Accounting Concepts And Applications

Authors: K. Fred Skousen, James D. Stice, Earl Kay. Stice, W. Steve Albrecht

7th Edition

0538876255, 978-0538876254

More Books

Students also viewed these Accounting questions

Question

Define promotion.

Answered: 1 week ago

Question

Write a note on transfer policy.

Answered: 1 week ago

Question

Discuss about training and development in India?

Answered: 1 week ago

Question

Explain the various techniques of training and development.

Answered: 1 week ago