Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help Partially completed T-accounts and additional information for Cardinals, Inc, for the month of November appear as follows Materials Inventory Work-In-Process Inventory Finished Goods

need help
image text in transcribed
Partially completed T-accounts and additional information for Cardinals, Inc, for the month of November appear as follows Materials Inventory Work-In-Process Inventory Finished Goods Inventory 88 (11/1) 34,800 38 (11/1) 64,000 B8 (11/1) 84,000 124.000 93,000 Labor 80,500 184,000 124,000 Cost of Goods Sola Manufacturing Overhead Control Applied Manufacturing Overhead 82,000 Additional information for November follows: Labor wage rate was $35 per hour Manufacturing overhead is applied at $32 per direct labor hour During the month, sales revenue was $290,000, and selling and administrative costs were $52,000 This company has no indirect materials or supplies Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work in Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? f. What was the operating profit (loss) for November? Any ovet or underapplied overhead is written off to Cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started