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Please show the formulas to get all required answers. Thanks! 1. WalkLike You, Corp. is a specialty athletic shoe manufacturer which uses a job order
Please show the formulas to get all required answers. Thanks!
1. WalkLike You, Corp. is a specialty athletic shoe manufacturer which uses a job order costing system. The following information below is given for WalkLike You: As of January 31 As of February 28 Inventory account balances: Raw materials inventory Work in process inventory Finished goods $42,000 $9,200 $56,000 $30,000 $20,600 $33,500 $198,000 $150,000 Additional information for the month ended February 28: Raw materials purchased Factory payroll Actual factory overhead costs: Indirect materials Indirect labor Other overhead costs Sales Predetermined overhead rate (based direct labor $15,000 $34,500 $13,500 $1,100,000 55% of DL sts Compute the following amounts for the month of February. You must show all of your work, either using formulas or using T-accounts. a. Cost of direct materials used. b. Total manufacturing costs. Cost of goods manufactured. d. Cost of goods sold.[ignore effects of underapplied / overapplied overhead) e. Gross profit. f. Overapplied or underapplied overhead. CStep by Step Solution
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