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Please Check my work and let me know if there is anything that I missed, thank you! T-ACCOUNTS BACK TO INSTRUCTIONS Begin Bal. Accounts Payable
Please Check my work and let me know if there is anything that I missed, thank you!
T-ACCOUNTS BACK TO INSTRUCTIONS Begin Bal. Accounts Payable Ending Bal. Materials Control 100 710 York-la-Process Control 800 100 Manufacturing Overhead Control 90 Beg. Bal Materials Control Yages Payable Hanufacturing Overhead Allocated Ending Bal. Work-in-Process Control 60 4.120 Finished Goods Control 710 1,300 2,080 30 Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: $1,300 Indirect manufacturing labor incurred by various production departments: $900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments: $550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods manufactured: $4,120 Revenues: $8,000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020 Inventories, December 31, 2016 (not 2017): o Materials control: $100 o Work-in-process control: $60 o Finished goods control: $500 . Begin Bal. York-in-Process Control Ending Bal. Finished Goods Control 5001 4,020 Cost of Goods Sold 4,120 600 Finished Goods Control End of Year Cost of Goods Sold 4,020 130 Manufacturing Orerhead Control 3,890 Manufacturing Overhead Control 100 1,950 Hanufacturing Overhead Allocated 900 400 550 Manufacturing Overhead Allocated 130 130 Haterials Control Cost of Goods Sold Ending Bal. Yages Payable Accumulated Depreciation Misc. Overhead Ending Bal. Manuf. Overhead Allocated (2,080) = 160% (DML, 1,300) Manuf. Overhead Incurred (1,950) = (Ind. Mats, 100) + (Ind. Labor,300) + (depr., 400) + (misc. overh., 550) Manuf. Overhead over-applicd (130) = (Manuf. Overhead Alloc., 2,080) - (Manuf. Overhead incurred 1,950) XXXStep by Step Solution
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