Mostly complete just need help with 7b, 8, and 9. Thanks.
Pineway Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Pineway for 2017 are as follows: Click the icon to view the T-accounts.) (Click the icon to view the additional information.) Read the requirements Requirement 1. What was the amount of direct materials issued to production during 2017? Direct materials issued to production during 2017 was $ 234,000 Requirement 2. What was the amount of manufacturing overhead allocated to jobs during 2017? First identify the formula to calculate the manufacturing overhead allocated. Direct manufacturing labor hours Manufacturing overhead rate Manufacturing overhead allocated Manufacturing overhead allocated to jobs during 2017 was $ 464,000 Requirement 3. What was the total cost of jobs completed during 2017? The total cost of jobs completed during 2017 was $ 925,000 Requirement 4. What was the balance of work-in-process inventory on December 31, 2017? Post the entries during the year in the Work-in-process control account to determine the ending balance on December 31, 2017. Be sure to select reference labels each of the entries. Pineway Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Pineway for 2017 a (Click the icon to view the T-accounts.) (Click the icon to view the additional information.) Read the requirements Work-in-Process Control 1-1-2017 44,000 Transferred to finished goods 925,000 Direct materials 234,000 Direct manufacturing labor 348,000 Manufacturing Overhead allocated 464.000 12-31-2017 165,000 Requirement 5. What was the cost of goods sold before proration of under- or overallocated overhead? The cost of goods sold before proration of under-or overallocated overhead was $ 880,000 Requirement 6. What was the under- or overallocated manufacturing overhead in 2017? The under- or overallocated manufacturing overhead in 2017 was $ 50,000 Requirement 7a. Dispose of the under or overallocated manufacturing overhead using the write-off to Cost of Goods Sold. The cost of coods sold account balance after the write-off is $ 930,000 Enter any number in the edit fields and then click Check Answer. Requirement 7b. Dispose of the under-or overallocated manufacturing overhead using proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold. Enter the account balances before proration, then the adjustment amounts and finally, calculate the account balances after proration. Account Account Balance (Before Proration) 165000 Work-in-Process Finished Goods Cost of Goods Sold 880000 Total the requirements ADD T-accounts Finished Goods Control Direct Materials Control ul ra 1-1-2017 880,000 1-1-2017 234,000 40,000 134,000 10,000 925,000 Work-in-Process Control 1-1-2017 44,000 Dir. Manuf. labor 348,000 Manufacturing Overhead Allocated Cost of Goods Sold Manufacturing Overhead Control 514,000 Print Done e und - i More Info bala fe prora ung , and a. repr n. Direct manufacturing labor wage rate was $12 per hour. b. Manufacturing overhead was allocated at $16 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,070,000, and marketing and distribution costs were $128,000. Bal rora 1 Print Done 880000 . ewa * Requirements ad nd ald no ng fe prc pil 1. What was the amount of direct materials issued to production during 2017? 2. What was the amount of manufacturing overhead allocated to jobs during 2017? 3. What was the total cost of jobs completed during 2017? 4. What was the balance of work-in-process inventory on December 31, 2017? 5. What was the cost of goods sold before proration of under-or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2017? 7. Dispose of the under-or overallocated manufacturing overhead using the following: a. Write-off to Cost of Goods Sold b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold 8. Using each of the approaches in requirement 7, calculate Pineway's operating income for 2017 9. Which approach in requirement 7 do you recommend Pineway use? Explain your answer briefly. n. -al 1 8 s Print Done
