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Please answer this question and its entirety and please use t accounts to answer to show how you got the final answer. I will be
Please answer this question and its entirety and please use t accounts to answer to show how you got the final answer. I will be sure to leave a like, thank you in advanced.
Problem 3 Ryan Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during a recent year of 2013 is shown below. a. $75,600 in raw materials were purchased for cash. b. $72,200 in raw materials were used in production. Of this amount, $66,300 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $152,800 were incurred and paid. Of this amount, $134,800 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $125,600 were incurred and paid. e. Manufacturing overhead of $129,500 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period needs to be closed to Cost of Goods Sold. Required: Determine the following. If you want me to count partial credit you must use the T accounts. 1. Total manufacturing costs for period 2. Cost of goods manufactured for period 3. Cost of goods sold for period (before any Overhead adjustment) 4. Cost of goods available for sale in period: 5. Was too much overhead applied or too little during the period? 6. Cost of goods sold for the period (after overhead AFTER adjustment)Step by Step Solution
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