Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

From Job order cost system Question The following data refers to Gen Corporation for the year 2005 Activities Amount Sales revenue Raw material inventory, 12/31/2004

From Job order cost system

Question

The following data refers to Gen Corporation for the year 2005

Activities

Amount

Sales revenue

Raw material inventory, 12/31/2004

Purchases of raw material in 2005

Raw material inventory, 12/31/2005

Direct labor cost incurred

Selling & administrative expenses

Indirect labor cost incurred

Property tax on factory

Depreciation on factory building

Income tax expenses

Indirect material used

Depreciation on factory equipment

Insurance on factory and equipment

Utilities for factory

Work in process inventory, 12/31/2004

Work-in-process inventory ,12/31/2005

Finished goods inventory, 12/31/2004

Finished goods inventory, 12/31/2005

Applied manufacturing overhead

$ 2,105,000

89,000

731,000

59,000

474,000

269,000

150,000

90,000

125,000

25,000

45,000

60,000

40,000

70,000

- 0 -

40,000

35,000

40,000

577,500

Required:

1- Prepare Gens schedule of cost of goods manufactured for 2005.

2- Prepare the companys schedule of cost of goods sold for 2005. The company closes overapplied or underapplied overhead into cost of goods sold.

3- Prepare the companys income statement for 2005.

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

Artificial Intelligence In Accounting Organisational And Ethical Implications

Authors: Othmar M. Lehner, Carina Knoll

1st Edition

1032055626, 9781032055626

More Books

Students also viewed these Accounting questions

Question

1. Send the student on an errand, or ask him or her for help.

Answered: 1 week ago

Question

=+What would you say if the person were in front of you?

Answered: 1 week ago

Question

=+ How could you make it more engaging and entertaining?

Answered: 1 week ago