Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help! I know that b . is NOT 6 3 0 , 6 6 0 . THank you for your help and time! A
Please help! I know that b is NOT THank you for your help and time! A series of computer and bocloup system fol ures coused the loss of most of the compony records at Stotter, lncorporsted Information
technology consulants for the compony could recover only o few frogments of the compony's factory ledger for July sa follows:
Further Investigstion and reconstruction from other sources yelded the following sdational information:
Based an records for January through June, averhead la applied at the rate of $ per direct labor hour
The production superintendent's coat sheets showed only one job In WorkinProcess Inventory on July t Materials of $ Bi had
been sdded to the job, snd direct laborthours had been expended at $ per hour.
The employment depsrment hos verified that there are no voriations in poy rates smong directlabor employees.
No indirect materials were lasued from inventory durling the perlad.
The controller had Just alocsted the underspolied averhesd to Cost of Goods Sold, Finlshed Goods Inventory, snd Workin Process
Inventary. This alocstion ls done manthly st Stater, lincorporated and ls bssed on sccount bolances. The contraller remembers
$
Data used in a study on Imventory levels at Stotter, Incorporsted inclicate that the finished goods inventory Increased by $ in
July
Required:
Determine the following amounts:
a Workinproces: Inventory, July before s locstion of underopplied overhesd.
b Coat of goods sold for July, before s ocstion of underspplied overhesd.
c Direct materiols lasued from Inventory during July.
d Materiala limentory ending balance on July after the underapplied overhesd has been allocated.
Answer is complete but not entirely correct.
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