Koezol Company uses nomal costing in its job-costing system. Partially completed T-accounts and additional information for Keezel for 2020 ate as follows: Click the icon to view the T-accounts,) (Cick the icon to view the additional information.) Read the reruiremeats. Requirement 1. What was the amount of direct materials issued to production dueing 2020? Direct materials issued 10 production during 2000 was Requirement 2. What was the amount of manufacturing overhead allocased to jobs during 20207 First identify the formula to caleulate the manutacturing overhead allocated. Manufacturing owerhead allocaled to jobs during 2020 was Requirement 3. What was the total cost of jobs completed during 2020 ? The satal cost of jobs comploted duning 2020 was Requirement 4. What was the balance of work-in-process inventory on December 31, 20203 Post the entries duting the year in the Wotk-in-process control account to determine the ending balance on December 31, 2020, Be sure to select reference labels for each of the entries. Clipk the icon to normal costing in its job-costing system. Partially completed T-accounts and add tonal information for Keecol for 2020 are as folows: 1. (Click the icon to view the additional infermation.) Read the recuitements Requirement 4. What was the balance of work-in-process inventocy on Docember 31,2020 ? Post the entries dunng the year in the Work-in-process control account to determine the ending balance on Decomber 31, 2020 . Be aute to select reference labeis for eacti of the ontries Requirement 5. What was the cost of goods sold before proration of under or overallocated ovethend? The cout of goods sold before proration of underv of overallocated overhead was Requirement 6 . What was the under-or overallincated manufacturing overhead in 20207 ? The under-or ownenlocated manutacturing ovechead in 2020 was Keezel Company uses normal costing in its job-costing system. Partially completed T-accounts and additionat information for Keezel for 2020 are as folowz: (Click the icon to view the T-accounts.) (Cick the icon to vicw the additonal information) Read the reguicements- Requirement 7a. Ditpose of the under- or onerallocated manufacturing overhead uning the write-off to Cest of Goods Soid. The Cost of goods soid account balance afier the wite-off is Requirement 70 . Adjust for the under- or overallocated manutacturing overtead using procation bated on ending baiances (before precasion) in Workin-Process Control, Finished Goods Cantrol. and Cost of Goods Sold. Enter the account balances before proration, then the adjuttment amounts and firaly, calculate the account balances after proration. Requirement 8. Using each of the approaches in requirement 7. calculate Keezer's operating income for 2020 . Requirement 9. Which approach in requirement 7 do you recommend Keecel tse? Explain your anawer briefly. The recommended opproach is the This is preterred becaune of its More Info a. Direct manufacturing labor wage rate was $10 per hour. b. Manufacturing overhead was allocated at $14 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,090,000, and marketing and distribution costs were $129,000
