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PLEASE HELP ME WITH THERE 3 QUESTIONS: #8, #9 AND #10. THANK YOU Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the
PLEASE HELP ME WITH THERE 3 QUESTIONS: #8, #9 AND #10. THANK YOU
Jane's Machine Shop (JMS) uses a pre-determined overhead system applied on the basis of direct material costs. JMS estimated its manufacturing overhead for FY2023 to be $ A and its direct materials costs to be \$___ B . JMS worked on eight jobs in FY2023. Three of those jobs had actual direct materials costs of: $25,000Job2302;$50,000-Job2305;and$85,000-Job2308. Actual FY2023 manufacturing overhead totaled \$ C and total direct materials cost amounted to $ D. Questions 1 to 5. Answer these questions assuming no adjustments to the MOH account for over or under applied MOH have been made. Questions 6 to 10 . Ignore your answers and / or the information given in Questions 1 to 5 . These questions pertain to the adjustments required to close the MOH account. Assume that at the end of FY2023, before adjustment to close the MOH account, the amount of MOH assigned during the year could be traced to these accounts: These balances do not apply to Questions 1 to 5 . Determine the amount of adjustment made to the CGS account. Enter your answer as a positive number (no " + " sign is required) Question 9 10 pts Are the balance sheet accounts Work in Process and Finished Goods overstated or understated before the adjusting entry is made? Understated Overstated Question 10 10 pts Is the Gross Margin on the Income Statement overstated or understated before the adjusting entry is made? Understated OverstatedStep by Step Solution
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