Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Newd help fixing. Don't know what I'm missing The following information is available for ADT Company, which produces special-order security products and uses a job
Newd help fixing. Don't know what I'm missing
The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of Period End of Period $ 43,000 $ 52,000 10,200 21,300 63,000 35,600 Cost incurred for the period Raw materials purchases $ 210,000 Factory payroll 345,000 Factory overhead (actual) Indirect materials used 15,000 Indirect labor used 80,000 Other overhead costs 120,000 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 34 and 5 Required 2 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials use 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1 goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhe g and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. ing and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of ng and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any als used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Show less Raw Materials Inventory Beginning 43,000 Beginning Purchases 210,000 Direct materials 186,000 15,000 Indirect materials Ending 52,000 Ending Beginning Cost of goods manufactured Finished Goods Inventory 63,000 625,400 652,800 Beginning Cost of goods sold Ending 35,600 Ending Work in Process Inventory 10,200 Beginning Direct materials Beginning Cost of goods manufactured 186,000 625,400 Direct labor Overhead applied 265,000 185,500 Ending 21,300 Ending Factory Overhead Beginning Beginning Overhead applied 15,000 185,500 80,000 120,000 29,500
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started