Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help me answer this question for Accounting. Please, it is a multi step problem, please indicate answers clearly. thank you Problem 2-25B Journal Entries; T-Accounts;
Help me answer this question for Accounting. Please, it is a multi step problem, please indicate answers clearly. thank you
Problem 2-25B Journal Entries; T-Accounts; Financial Statements [LO2-1, LO2-2, LO2-3, LO2-4, LO2-5, LO2-6, LO2-7] Mariya Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of direct materials used in production. Its predetermined overhead rate was based on a cost formula that estimated $221,200 of manufacturing overhead for an estimated allocation base of $158,000 direct material dollars. The following transactions took place during the year (all purchases and services were acquired on account): a. Raw materials purchased, $145,000. b. Raw materials requisitioned for use in production (all direct materials), $141,000. c. Utility bills incurred in the factory, $24,000. d. Costs for salaries and wages were incurred as follows: Direct labor $223,000 Indirect labor $61,700 Selling and administrative 143,000 $ salaries e. Maintenance costs incurred in the factory, $17,000. f. Advertising costs incurred, $128,000. g. Depreciation recorded for the year, $43,000 (70% relates to factory assets, and the remainder relates to selling and administrative assets). h. Rental cost incurred on buildings, $85,000 (80% of the space is occupied by the factory, and 20% is occupied by sales and administration). i. Miscellaneous selling and administrative costs incurred, $11,000. j. Manufacturing overhead cost was applied to jobs, $_? . k. Cost of goods manufactured for the year, $555,000. I. Sales for the year (all on account) totaled $1,100,000. These goods cost $530,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were as follows: Raw materials $23,000 Work in process $24,000 $34,000 Finished Goods Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare a schedule of cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started