please use the follieing pictures to create T - Accounts for the monthly activities. please show formulas!
Brooks Corporation uses a job-order costing system to apply manufacturing costs to jobs. The company closes its underapplied on overapplied overhead to cost of goods sold. Its balance sheet on March 1 is as follows: 88,000 Brooks Corporation Balance Sheet March 1 Assets Cash Raw materials Work in process Finished goods Prepaid expenses Property, plant, and equipment (net) Total assets Liabilities and Stockholders! Equity Accounts payable Retained earnings Total liabilities and stockholders' equity $27,500 17,600 30,00 75,900 2,000 226,000 $ 391 900 $ 21,500 370,400 $391 909 During March the company completed the following transactions: a. Purchased raw materials for cash. $79.000. b. Raw materials used in production, $81,000 ($71.200 was direct materials and $12,800 was indirect materials) c. Pald $200,950 of salaries and wages in cash ($102.750 was direct labor. $42,600 was indirect labor, and $55,600 was related to employees responsible for selling and administration) d. Various manufacturing overhead costs paid in cash to support production, $51,800. e. Depreciation recorded on property, plant, and equipment. $45.200 (85% related to manufacturing equipment and 15% related to assets that support selling and administration) Valous selling expenses incurred on account $39,800 9. Prepaid insurance expired during the month, $500 (60% related to production, and 10% related to selling and administration). h. Manufacturing overhead applied to production, $142,825 1. Cost of goods manufactured, $_?_ (Hint: The Work in Process balance on March 31st is $5,400.) Cash sales to customers, $556,000. k. Cost of goods sold (unadjusted) $ ? (Hint: The Finished Goods balance at March 315! is $6,250.) Cash payments to creditors, $42,600, m. Underapplied or overapplied overhead $ ? $ 17,600 Schedule of Cost of Goods manufactured Add: Beginning Work in Process Inventory Direct Material Raw Material, Beginning Inventory $ Add: Purchases S Total Raw Material Available $ Deduct : Raw Material in inventory, ending S Raw Material Used $ Less : Indirect Material Used $ Direct Materia Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Work in Process Inventory Deduct: Ending Work in Process Inventory Cost of Goods Manufactured 27,500 79,000 106,500 22,500 84,000 12,800 $ $ $ 71,2001 102,750 142,8251 $ $ $ $ 316,775 334,375 5,400 328,975 Required 1 Required 2 Required 3 Required 4 Prepare Brooks Corporation's schedule of cost of goods sold for the mo Brooks Corporation Schedule of Cost of Goods Sold $ For the Month Ended March 31 Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 30,800 328,975 359,775 6,250 353,525 3,095 356,620 Prepare Brooks Corporation's income statement for the month ended March 31st. Brooks Corporation Income Statement For the Month Ended March 31 $ Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income 556,000 356,620 199,380 102,380 97,000 $
