Looking for someone to check my work and help me understand applied overhead and the bonus questions
Nutty Co. uses a combination of Job Order Costing (Gift Baskets) and Process Costing (bagged snack mixes). Complete the journal entries for the following transactions a a c . m a) Materials were requisitioned for Gift Basket order 1118 Complete the Journal Entries and T-Accounts for the events listed. Direct materials 350 Label each with the letter of the event Find the account balances for the accounts below. Indirect materials $ 50 Journal Entries b) Labor costs were incurred for Gift Basket order 1118 letter Account Description Debit Credit T-Accounts Direct labor $ 100 a WIP-GB Order 1118 $ 350 Raw Materials Manuf. OH Indirect labor $ 30 Manufacturing Overhead S 50 Beg.Ba 1000 50 c) Manufacturing overhead was applied for Gift Basket order 1118 Raw Materials $ 400 400 b L 30 $ 85 b WIP-GB Order 1118 $ 100 85 d) Bagged snacks were transferred to the Bagging Dept. from the Coating Dept. Manufacturing Overhead $ 30 600 f f 20 $ 250 Salaries and Wages Payable $ 130 i 10 30 e) Supplies were requisitioned by the Bagging Debattiecand T-Accounts for the events listed. WIP-GB Order 1118 $ 85 WIP - Coating Dept. $ 80 Manufacturing Overhead $ 85 Beg. Bal 300 5 f) Labor costs were incurred for the Bagging Department WIP - Bagging Dept. S 250 250 d Overapplied Direct labor $ 60 WIP - Coating Dept. $ 250 50 Indirect labor $ 20 e WIP - Bagging Dept. $ 80 Finished Goods ) Manufacturing overhead was applied to the Barring Department Supplies $ 80 WIP - Bakring Dept. j 445 535 $ 30 f WIP - Bagging Dept. $ 60 d 250 k 535 200 h) All bagged snacks were transferred to the Inspecting Department Manufacturing Overhead $ 20 e 80 245 i) Labor costs were incurred for the Inspecting Department Salaries and Wages Payable $ 80 f 60 Direct labor $ 25 g WIP-Bagging Dept. $ 30 30 COGS Indirect labor $ 10 Manufacturing Overhead $ 30 420 h 1 535 i) The inspected snacks are completed and transferred to Finished Goods WIP - Inspecting Dept. $ 420 200 k) Gift Basket order 1118 is completed and transferred to Finished Goods WIP - Bagging Dept. $ 420 5 1) Gift Basket order 1118 is sold on account for WIP - Inspecting Dept. $ 25 WIP - Inspecting Dept. 735 $ 750 Manufacturing Overhead $ 10 h 420 m) Bagged snacks were sold on account Salaries and Wages Payable $ 35 i 25 Sales Revenue Bagged snacks cost $ 200 Finished Goods $ 445 445 750 Bagged snacks sold for $ 250 WIP - Inspecting Dept. $ 445 0 250 k Finished Goods $ 535 Determine the over/underapplied MOH and write (up to 5pts) WIP-GB Order 1118 $ 535 1000 the journal entry to close to Cost of Goods Sold. Accounts Receivable $ 750 WIP-GB Order 1118 (Show the over-/under- in the T-Account, then use the Journal Entry template provided) Sales Revenue $ 750 a 350 Accounts Receivable Cost of Goods Sold S 535 b 100 1 750 onus If Nutty Co. receives an order for bagged snacks that (up to 2pts) Finished Goods $ 535 85 250 cost $250, and it is able to be fulfilled, what does this m Accounts Receivable $ 250 535 k 1000 mean about the Finished Goods/account? Sales Revenue $ 250 0 Cost of Goods Sold $ 200 Sal. and Wages Payable Finished Goods $ 200 Supplies 130 bonus Beg. Bal 600 80 80 35 520 245 0 m 1 m dot m b f i e
