Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Doby Transport assembles prestige manufactured homes. Its job costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing

Doby Transport assembles prestige manufactured homes. Its job costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $30 per machine-hour in 2017). The following data (in millions) show operation costs for 2017: (Click the icon to view the operations data (in millions). Read the requirements. Operations data (in millions) Requirement 1. Identify the components of the overview diagram of Doby Transport's job-costing system. A } B A B C E H } } } D F G E FI Materials Control, beginning balance, January 1, 2017 Work-in-Process Control, beginning balance, January 1, 2017 Finished Goods Control, beginning balance, January 1, 2017 Materials and supplies purchased on credit $ 18 6 10 156 Direct materials used 155 Indirect materials (supplies) issued to various production departments Direct manufacturing labor 13 96 Indirect manufacturing labor incurred by various production departments Depreciation on plant and manufacturing equipment 33 24 Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc., with a corresponding credit to various liability accounts) Manufacturing overhead allocated, 2,100,000 actual machine-hours 15 ? Cost of goods manufactured 303 Revenues 410 Cost of goods sold 299 Requirements 1. 2. 3. - Identify the components of the overview diagram of Doby Transport's job-costing system. Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T-accounts. What is the ending balance of Work-in-Process Control? Show the journal entry for disposing of under- or overallocated manufacturing overhead directly as a year-end writeoff to Cost of Goods Sold. Post the entry to T-accounts. 4. How did Doby Transport perform in 2017

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

Acca Financial Reporting

Authors: BPP Learning Media

1st Edition

1509784888, 978-1509784882

Students also viewed these Accounting questions