Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory Work-In-Process Inventory BB (11/1) 46,000
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory Work-In-Process Inventory BB (11/1) 46,000 136,000 BB (11/1) 105,000 Labor 76,000 70,000 Finished Goods Inventory BB (11/1) 96,000 196,000 136,000 Cost of Goods Sold Manufacturing Overhead Control Applied Manufacturing Overhead 94,000 Additional information for November follows: . Labor wage rate was $20 per hour. . . Manufacturing overhead is applied at $25 per direct labor-hour. During the month, sales revenue was $350,000, and selling and administrative costs were $64,000. 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 over- or underapplied overhead is written off to Cost of Goods Sold.
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