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Im needing help, I do t think I have the correct figures.. 8 4b Open Book Portion of Chapters 14 & 15 Test Name 1.

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Im needing help, I do t think I have the correct figures..
8 4b Open Book Portion of Chapters 14 & 15 Test Name 1. BITCO maintains Its the general ledger (in T-account a Web-based general ledger, Overhead is applied on the basis of direct labot costs most of the entries that had been recorded for Jamuary. A peimtout of form ) showed the following: Bal. 1/1 10,000 Bal 1/1 4,000 17.500 Accounts Payable Finished Goods Inv Bal. 1/31 9,000 Bal. 1/31 13,000 Factory Overhead Cost of Goods Sold A review of the prior year's financial statements, the current year's budget, and January's source documents produced the following information: (I) Accounts Payable are used for raw material purchases only. January purchases were $49,000. (2) Factory overhead costs for January were $17,000 none of which is indirect materials. (3) The January I balance for finished goods inventory was $10,000. (4) There was a single job in process at January 31 with a cost of $2,000 for direct materials and S1.50 for direct labor. (5) Total cost of goods manufactured for January was $90,000. (6) All direct laborers earn the same rate ($13/hour). During January, 2,500 direct labor hours were worked. (7) The predetermined overhead allocation rate is based on direct labor costs. Budgeted (expected) overhead for the year is $195,000 and budgeted (expected) direct labor is $390,000. Fill in the missing amounts a through o above in the T-accounts above

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