Overall Instructor remarks: Check Figures 1d) dr. WIP 370000 cr.MOH 370000 3b) Budgeted OH $355,200 4c) OH for ZF14 $74.000 5b) 399.644 8 Inspection for BY92 1,421 8 Total OH applied for ZF14 $52,521 9f Gross Margin % for JV28 35.79% 12 OH cost per unit 46.67 12f Sales price per unit $247.56 ) for Job JV28 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $ 215,000 $ 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 154,000 $ 370,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 58,000 $ 30,000 $ 32,000 $ 35,000 ? ? The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $31,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Use "given" and your "results" from HW2.1 (Ch. 2 & 3) Question 15 on CONNECT to complete the Project requirements below for Superior Company. Highlighted requirements are check figures that can be found in comments section on CONNECT. NOTE: Make sure you click "show correct answers" on CONNECT if you got any part of the problem wrong. Please make sure you are using CORRECT answers. 1) Write summary journal entries for Superior Company for the following transactions for the period as calculated/given in the problem on CONNECT. Use the Review Problem at the end of Chapter 2 on page 119 as a reference. a) Purchase of raw material. b) Transfer of Raw material to Work-in-Process c) Application of Direct Labor to Work-in-Process d) Application of Manufacturing Overhead to Work-in-Process e) Transfer of Work-in-Process to Finished Goods f) Revenue for the sale of goods manufactured g) Cost of goods sold h) The incurrence of the actual overhead costs (use various" to represent multiple accounts) i) Clear the Overhead account. 1 2) Use the T-accounts below. Include the beginning balances in each of the accounts below. Post the journal entries written in 2) above. Determine the ending balances for each account and verify that they agree with the ending balances used on CONNECT. Raw Material Work-in-Process Finished Goods MOH Clearing COGS Overall Instructor remarks: Check Figures 1d) dr. WIP 370000 cr.MOH 370000 3b) Budgeted OH $355,200 4c) OH for ZF14 $74.000 5b) 399.644 8 Inspection for BY92 1,421 8 Total OH applied for ZF14 $52,521 9f Gross Margin % for JV28 35.79% 12 OH cost per unit 46.67 12f Sales price per unit $247.56 ) for Job JV28 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $ 215,000 $ 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 154,000 $ 370,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 58,000 $ 30,000 $ 32,000 $ 35,000 ? ? The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $31,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Use "given" and your "results" from HW2.1 (Ch. 2 & 3) Question 15 on CONNECT to complete the Project requirements below for Superior Company. Highlighted requirements are check figures that can be found in comments section on CONNECT. NOTE: Make sure you click "show correct answers" on CONNECT if you got any part of the problem wrong. Please make sure you are using CORRECT answers. 1) Write summary journal entries for Superior Company for the following transactions for the period as calculated/given in the problem on CONNECT. Use the Review Problem at the end of Chapter 2 on page 119 as a reference. a) Purchase of raw material. b) Transfer of Raw material to Work-in-Process c) Application of Direct Labor to Work-in-Process d) Application of Manufacturing Overhead to Work-in-Process e) Transfer of Work-in-Process to Finished Goods f) Revenue for the sale of goods manufactured g) Cost of goods sold h) The incurrence of the actual overhead costs (use various" to represent multiple accounts) i) Clear the Overhead account. 1 2) Use the T-accounts below. Include the beginning balances in each of the accounts below. Post the journal entries written in 2) above. Determine the ending balances for each account and verify that they agree with the ending balances used on CONNECT. Raw Material Work-in-Process Finished Goods MOH Clearing COGS