Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory Finished Goods Inventory 94,000 Work-In-Process

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory Finished Goods Inventory 94,000 Work-In-Process Inventory BB (11/1) 44,000 134,000 103,000 Cost of Goods Sold BB (11/1) Labor 74,000 99,000 BB (11/1) Manufacturing Overhead Control 92,000 194,000 134,000 Applied Manufacturing Overhead Check my work Additional information for November follows: Labor wage rate was $30 per hour. Manufacturing overhead is applied at $24 per direct labor-hour. During the month, sales revenue was $340,000, and selling and administrative costs were $62.000. 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. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Required F What cost amount of direct materials was issued to production during November? Direct materials Required B >

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

Recommended Textbook for

Payroll Accounting 2016

Authors: Bernard J. Bieg, Judith Toland

26th edition

978-1305665910, 1305665910, 1337072648, 978-1337072649

More Books

Students also viewed these Accounting questions

Question

describe why abnormal work hours can constitute a health risk;

Answered: 1 week ago

Question

Discuss what managers should know about organizational change.

Answered: 1 week ago