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 BB (11/1)41,000131,000100,000 Work-In-Process Inventory BB (11/1)71,000Labor60,000

Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows.

Materials InventoryBB (11/1)41,000131,000100,000Work-In-Process InventoryBB (11/1)71,000Labor60,000Finished Goods InventoryBB (11/1)91,000191,000131,000Cost of Goods SoldManufacturing Overhead Control89,000Applied Manufacturing Overhead

Additional information for November follows:

  • Labor wage rate was $20 per hour.
  • Manufacturing overhead is applied at $24 per direct labor-hour.
  • During the month, sales revenue was $325,000, and selling and administrative costs were $59,000.
  • 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

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

Financial & Managerial Accounting

Authors: Jan Williams

16th Edition

78111048, 978-0078111044

More Books

Students also viewed these Accounting questions

Question

Explain all drawbacks of application procedure.

Answered: 1 week ago