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I have no clue on how to answer these questions! it's hard teaching yourself accounting!! Use the following gathered information to answer the questions below.
I have no clue on how to answer these questions! it's hard teaching yourself accounting!!
Use the following gathered information to answer the questions below. Beginning Ending Raw Materials 250,000 300,000 WIP / Work in Process 300,000 227,000 527000 COG'S Finished Goods 200,000 ????? 700 Current Direct Labor 14,000 Indirect Labor 10,000 Actual Overhead 35,000 Applied Overhead ????? Direct Materials 50,000 Indirect Materials 25,000 Sales Revenue 500,000 Estimated total Overhead Costs 40,000 Actual Direct Labor Hours 95,000 Hours Estimated Activity Level of Cost Driver (hours) Gross Profit Percentage 40% Salaries of Sales Staff 20,000 Depreciation on Office Computer 30,000 100,000 What was: Raw Materials Purchases? 50.000 Dire Applied Manufacturing Overhead? 0 Cost of Goods Manufactured? Total S,G,&A Expenses? Net Income BEFORE adjustment of over/under applied overhead? COGS BEFORE adjustment of over/under applied overhead COGS AFTER adjustment of over/under applied overhead Did they over or under apply overheadStep by Step Solution
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