Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me solve this! Please use excel solutions! and please explain how you got to that answer! Thank you! Samp hours. and V balane

Please help me solve this! Please use excel solutions! and please explain how you got to that answer! Thank you!

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

Samp hours. and V balane During (g) Sold Job 101, which is recorded in Finished Goods: \begin{tabular}{lr} Sales Price & 55,000 \\ Cost & 30,000 \\ \hline \end{tabular} (h) Completed Job 102 but did not sell it; Job 103 is still in process at year-end. Requ ired: 1 Compute the predetermined overhead rate. Predetermined overhead rate 2 Compute how much overhead would be applied to jobs during the period: Overhead applied Compute the total cost of Jobs 102 and 103 at the end of the period. You will enter your calculation in 3 the 'Ledger Accounts' tab of this workbook. Where will the cost of each of these jobs appear on the Balance sheet? Post the journal entries to the ' T ' Accounts in the 'Ledger Accounts' tab. Calculate the ending 4 balances in all of the accounts. 5 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 845 Calculate the amount of over- or underapplied overhead in the 'Ledger Accounts' tab. Post the journal entry in the T accounts to dispose of the overhead balance in the 'Ledger Accounts' 6 tab. 7 Prepare a statement of cost of goods manufactured report in the 'Reports' tab. 8 Prepare an income statement in the 'Reports' tab. 9 Prepare a basic balance sheet in the 'Reports' tab. \begin{tabular}{|l} \hline 30 \\ \hline 31 \\ \hline 32 \\ \hline 33 \\ \hline 34 \\ \hline 35 \\ \hline 36 \\ \hline 37 \\ \hline 38 \\ \hline 39 \\ \hline 40 \\ \hline 41 \\ \hline 42 \\ \hline 43 \\ \hline 44 \\ \hline 45 \\ \hline 46 \\ \hline 47 \\ \hline 48 \\ \hline 49 \\ \hline 50 \\ \hline 55 \\ \hline 51 \\ \hline 52 \\ \hline 53 \\ \hline 54 \\ \hline 55 \\ \hline 56 \\ \hline 57 \\ \hline 58 \\ \hline 59 \\ \hline 60 \\ \hline 61 \\ \hline 62 \\ \hline 63 \end{tabular} Sales Revenue Selling, General, and Administrative Expenses \begin{tabular}{|l|l|l|l|l|} \multicolumn{3}{c|}{ Cash and Other Assets } \\ \hline 1/1/18(Beg) & 100,000 & & \multicolumn{2}{c}{ Payables and Other Liabilities } \\ \hline & & & & \\ \hline \end{tabular} Stockholders' Equity 70,0001/1/18(Beg) 8 Sampson Company Income Statement For the Month of January Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Cost of Goods Manufactured (see schedule above) Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Under-/Overapplied Overhead Adjusted Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 9 Sampson Company Balance Sheet As of January 31st Assets Liabilities Cash and Other Assets Payables and Other Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Liabilities Stockholders' Equity Total Assets

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

Frank Woods Business Accounting Volume 1

Authors: Alan Sangster Lewis Gordon Frank Wood

14th Edition

1292208627, 9781292208626

More Books

Students also viewed these Accounting questions

Question

Can knowledge workers and/or professionals be performance-managed?

Answered: 1 week ago

Question

Does a PMS enhance strategic integration within HRM?

Answered: 1 week ago