Answered step by step
Verified Expert Solution
Question
1 Approved Answer
If possible i need all requirements answered 6 Dunder Mifflin, Inc. had the following balances as of 1/1/201 : 7 Raw Materials: $19,000 8 Work
If possible i need all requirements answered
6 Dunder Mifflin, Inc. had the following balances as of 1/1/201 : 7 Raw Materials: $19,000 8 Work in Process: $40,000 9 Finished Goods: $17,000 11 Additional information: 12 a. Raw materials purchased on account was $65,000. 14 b. Raw materials were requisitioned for use in production, $57,000.($50,000 direct and $7,000 indirect). 15 16 c. Accrual of factory wages $60,000; maintenance workers for the factory $15,000. 18 d. The following costs were incurred on the factory; utilities $21,000, 19 equipment rental $16,000, and cable, internet, phone for the factory $3,000. 21 e. The accrual of property taxes on the factory was made in the amount of $15,000. 23 f. The expiration of prepaid medical insurance on factory workers was made in the amount of $10,000. 25 9. Depreciation was recorded on the factory equipment in the amount of $20,000. 27 h. ABC Company applies overhead costs based on machine hours worked. For 201 the company 28 estimated that it will work 15,000 machine hours and incur $90,000 in manufacturing overhead costs. 30 The journal entry is made to apply Manufacturing Overhead. A total of 15,500 machine hours have occurre 31 i. The accrual of management salaries $23,000 and office staff salaries $9,000 was made. \begin{tabular}{l|l} 32 \\ 34 & j. Depreciation on office equipment was made in the amount of $10,000. \end{tabular} 35 . Advertising for the period was accrued in the amount of $37,000. \begin{tabular}{l|l} 37 & Cable, internet, and phone expenses for Sales Ofices was $32,000 and . Ceneral . Adm \\ 39 & m.$158,000 of goods were completed and transferred to the finished goods department. \\ 40 & \end{tabular} 4142n.Sold$50Required: Required: 1. Prepare joumal entries to record the transactions above. (Sheet 1) ** Note: Refer to the partial chart of accounts for account names. "*n 2. Post the entries to ledger "T" accounts. (Sheet 2) 3. Prepare (in good form) a schedule of cost of goods manufactured (Sheet 3) and an income statement (Sheet 4) for the year ending December 31,201. The income statement must show detail of cost of goods sold. 4a. Identify whether Manufacturing Overhead underapplied or overapplied for the year, and the amount. 4b. Prepare the joumal entry to close manufacturing overhead. (Use the write-off approach)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