Question
Prepare (a) the companys Schedule of Cost of Goods Manufactured for the month ended June 30 and (b) prepare the companys Cost of Goods Sold
Prepare (a) the companys Schedule of Cost of Goods Manufactured for the month ended June 30 and (b) prepare the companys Cost of Goods Sold section for Merrill Company in the format. Factory Utilities......................... $36,000 Indirect Labor........ 14,800 Materials Purchases.......... 352,000 Income taxes expense.......................................... 25,450 Direct labor........................................................ 638,000 Factory supplies used......................................... 21,000 Advertising expense........................................ 32,250 Depreciation expense - Office equipment........ 28,400 Administrative salaries expense 135,000 Sales......................... $1,353,000 Inventories: Materials inventory, June 1................... 63,000 Materials inventory, June 30............. 52,000 Work in process inventory, June 1.............. 43,500 Work in process inventory, June 30........ 59,200 Finished goods inventory, June 1................. 28,750 Finished goods inventory, June 30........... 26,740 Depreciation expense - Factory equipment.......... 33,100 Indirect material 31,000 Administrative Supplies Used 5,000 p Flag question: Question 23 Question 239 pts Alien Company bases it overhead on Machine Hours, which are estimated to be 320,000 and the estimated FOH is $384,000. Indirect Labor.. $234,000 Direct Labor 432,000 Advertising Expense 145,000 Indirect Materials .. 125,000 Direct Materials . 252,000 Sales 375,000 Depreciation Expense - Machinery... 55,000 Machine hours..... 340,000 (a) Calculate the predetermined overhead rate and calculate the overhead applied during the year. Show Journal Entry (b) Determine the amount of over- or underapplied overhead and state whether it was under or overapplied. Prepare the journal entry to eliminate the over- or underapplied overhead.
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