Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with C please. Bramble Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform
I need help with C please.
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 Cash 1/1 35,600 1/1 35,200 Accounts Payable Accounts Receivable 47.300 1/1 1/1 41,900 During the year, the following events occurred: 1. 2. 3. 4. 5. 6. 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 Payable). The company's indirect labor cost was $ 168,000 (credit Wages Payable). Other manufacturing overhead costs the company incurred on account totaled $ 98,400. Bramble applied $ 316,800 in manufacturing overhead. The company completed production of goods costing $ 887,600. The company's Cost of Goods Sold balance was $ 893,300 before adjusting for over- or underapplied overhead. 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. 7. 8. 9. (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 Workin 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 decimal places, eg. 52.) Adjusted Balance $ 12152 Work In Process 32624 Finished Goods 943440 Cost of Goods SoldStep 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