Muhasebe

accounting

Use below information for Questions 1 to 3 : For June 30th of 2017 , Company X reported raw materials balance of TL20,200 and WIP balance of TL25,200 in its balance sheet. During July; - Direct labor of TL254,000 was used. - TL360,000 worth of raw materials was purchased. - Manufacturing overhead used (exclusive of indirect materials) was equal to 66% of direct labor costs. At the end of July, ending work in process inventory was worth TL59,200. Totol cost of work in process equalled TL790,200. Sales totalled TL1,244,000 and gross profit was 46% of the sales. COGS available for sale equalled TL770,200. Q-1) Calculate the balance of raw materials inventory as of July 31st. Q-2) Calculate the COGM in July 31st. Q-3) Calculate the balance of finished goods inventory as of July 31st. Use below information for Questions 4 to 5 : Company X applies MOH to jobs on the basis of machine hours used. Machine usage is expected to total 302,200 hours for the year, and MOH costs are estimated at TL164,000. For the year, 326,400 machine hours are used and TL132,060 MOH costs are incurred. Q-4) Determine the balance of MOH account at year-end. Use - if the MOH account is overapplied. (e.g. if the balance is TL100 overapplied, enter -100 . If the balance is TL100 underapplied, enter 100.) Q-5) Calculate the amount of COGS adjustment at year-end. Use - if the COGS adjustment is credit. (e.g. if the required adjustment is debiting COGS by 100 , enter 100. If if the required adjustment is crediting COGS by 100