Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with factory wages, cost of goods sold, and with factory overhead. Post the steps you can so I can learn and please

Please help me with factory wages, cost of goods sold, and with factory overhead. Post the steps you can so I can learn and please circle the answer so I know which one it is, this helps me learn by example. Thank you

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

[The following information applies to the questions displayed below.) Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 79,000 48,000 29,000 0 9,000 3,000 Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses $ 10,400 13,400 30,000 80,000 200,200 107,000 24,000 35,000 Check my wor La LULY velucau General and administrative expenses Totals 47 vuu 35,000 $ 334,000 $ 334,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,800 direct materials to Job 402 $ 7,300 direct materials to Job 404 $ 1,700 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 3. Prepare a revised list of account balances as of December 31. Hint: Use the prior year's Retained Earnings balance of $80,000 in this list. BERGO BAY COMPANY List of Account Balances December 31 Debit Credit Cash $ 79,000 Accounts receivable 48,000 15,200 Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Factory wages payable Notes payable 62,100 9,000 3,000 ES 10,400 13,400 I Required information 10,400 Accounts payable Factory wages payable Notes payable Common stock Retained earnings (prior year) 13,400 30,000 80,000 200,200 Sales Cost of goods sold Factory overhead General and administrative expenses 35,000 251,900 Totals $ $ EA 334,000

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

More Books

Students also viewed these Accounting questions

Question

List 3 main purposes for the International Monetary Fund (IMF).

Answered: 1 week ago