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During March the company completed the following transactions: a. Purchased raw materials for cash, $75,600. b. Raw materials used in production, $77.200 ($67,200 was direct
During March the company completed the following transactions: a. Purchased raw materials for cash, $75,600. b. Raw materials used in production, $77.200 ($67,200 was direct materials and $10,000 was indirect materials) C Paid $235,350 of salaries and wages in cash ($141750 was direct lobor, $24.400 was indirect lobor, and $69,200 was related to employees responsible for selling and administration), d. Various manufacturing overhead costs paid in cash to support production, $42,400. e Depreciation recorded on property, plant , and equipment. $48,600 (85% related to manufacturing equipment and 15% related to assets that support selling and administration) 1. Various selling expenses incurred on account, $43,000, 9. Prepaid insurance expired during the month, $510 (60% related to production, and 40% related to selling and administration). h. Manufacturing overhead applied to production, $115,306. Cost of goods manufactured. S. ? HintThe Work in Process balance on March 31st is $6.300) 1.Cash sales to customers, 5498,000 Cost of goods sold (unadjusted) $? (Hint: The Finished Goods balance at March 31st is $6.650.) 1.Cash payments to creditors, $44.600 m. Underapplied or overapplied overhead $ _2 Required: 1 Calculate the ending balances that would be reported on the company's balance sheet at March 31st int Be sure to calculate the underapplied or overapplied overhead and then account for its affect on the balance sheet.) 2. Prepare Brooks Corporation's schedule of cost of goods manufactured for the month ended March 315 3. Prepare Brooks Corporation's schedule of cost of goods sold for the month ended March 31st 4. Prepare Brooks Corporation's income statement for the month ended March 315 Brooks Corporation uses a job-order costing system to apply manufacturing costs to jobs. The company closes its underapplied or overapplied overhead to cost of goods sold. Its balance sheet on March 1 is as follows: Brooks Corporation Balance Sheet March Assets Cash $ 89,000 Raw materials $22,400 Work in process 21,300 Finished goods 20.200 66,900 Prepaid expenses 2,040 Property, plant, and equipment inet) 243,000 Total assets 400X90 Liabilities and stockholders' Equity Accounts payable $ 12,800 Notained in 380,140 Total Stabilities and stockholders' equity SXDORZO
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