Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I I need help with part c. Bramble Corp.designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform

image text in transcribedimage text in transcribedimage text in transcribedI

I need help with part c.

Bramble Corp.designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Bramble uses a job order costing system. On January 1, the T-accounts for some of Bramble's primary balance sheet accounts were as follows: Raw Materials Inventory 59,400 Work in Process Inventory 24,500 1/1 1/1 Finished Goods 35,600 Cash 35,200 1/1 1/1 Accounts Receivable 47,300 Accounts Payable 1/1 1/1 41,900 During the year, the following events occurred: 1. 2. Bramble purchased raw materials costing $113,000 on account. Bramble used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Bramble maintains a single Raw Materials Inventory account.) Bramble used 31,100 hours of direct labor. The company's average direct labor rate was $14 per hour (credit Wages 3. During the year, the following events occurred: 2 1. Bramble purchased raw materials costing $113,000 on account. Bramble used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% as indirect materials. (Bramble maintains a single Raw Materials Inventory account.) 3. Bramble used 31,100 hours of direct labor. The company's average direct labor rate was $14 per hour (credit Wages Payable). 4. The company's indirect labor cost was $168,000 (credit Wages Payable). 5. Other manufacturing overhead costs the company incurred on account totaled $98,400. 6. Bramble applied $316,800 in manufacturing overhead. 7. The company completed production of goods costing $887,600. 8. The company's Cost of Goods Sold balance was $893,300 before adjusting for over- or underapplied overhead. 9. Sales revenue was $1,040,000 (all sales were made on account). 10. Bramble collected $803,200 from customers. 11. The company paid accounts payable of $ 201,300. 12. At year-end, all wages earned during the year had been paid. (a) Calculate under- or overapplied overhead for the year. Overhead Overapplied by $ 20540 (b) Assuming that Bramble closes under-or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Adiusted cost of goods sold 872760 (a) Calculate under-or overapplied overhead for the year. Overhead Overapplied by $ 20540 (b) Assuming that Bramble closes under-or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Adjusted cost of goods sold $ 872760 (c) Assuming that Bramble prorates under-or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year. (Round % of total to 3 decimal places, eg. 1.235, allocation and final answers to 0 decimal places, eg. 52.) Adjusted Balance $ Work In Process 7857.53 $ Finished Goods 893300 $ 852220 Cost of Goods Sold

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

Auditing In The Food Industry From Safety And Quality To Environmental And Other Audits

Authors: M Dillon, C Griffith

1st Edition

1855734508, 978-1855734500

More Books

Students also viewed these Accounting questions

Question

Explain the various techniques of Management Development.

Answered: 1 week ago

Question

4. Identify cultural variations in communication style.

Answered: 1 week ago