Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve for (d1) Lisa's Holiday Styles has been busy in the month of November! It seems Lisa's marketing efforts have paid off, as she

please solve for (d1) image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Lisa's Holiday Styles has been busy in the month of November! It seems Lisa's marketing efforts have paid off, as she has answered inany calls to help decorate homes for the upcoming holidays. The company carries an inventory of decorative itemistrits store and then installs them in creative and fun ways. The MOH costs are fairly low, since the company has just a small space to hold the inventory. The applied MOH rate is $10 per direct labor hour. As of November 30 , the company carries the following balances in its inventory accounts. During December, the following events occurred. 1. Purchased direct materials costing $15,100 on account: 2 Used $19,700 of direct materials for jobs. 3. Paid direct labor wages for 131 hours of labor ($25/hr). 4. Applied MOH cost to jobs. 5. Actually ineurred $2.500 in MOH costs. 6. Completed all jobs by the end of the month. 7. Billed clients $44,400 for jobs completed. 8. Closed under- or overapplied MOH using the direct write off method. Your answer is correct. Calculate the ending balances in all inventory accounts as of December 31 . Prepare the journal entry to write off any under-or overapplied MOH directly to COGS. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Determine the company's total cost of goods completed and COGS in December. Total cost of goods completed and COGS How much gross margin did the company earn in December? (Round percentage answer to 2 decimal ploces, es. 52.75% ) If Lisa had a goal of earning a 35% gross margin, did she reach her goal? she reach hergoal, because Sis thanker goal of 35%

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_2

Step: 3

blur-text-image_3

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

15th Edition

0273760882, 9780273760887

More Books

Students also viewed these Accounting questions

Question

please dont use chat gpt AI 3 6 0 .

Answered: 1 week ago