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PROBLEM 3 - 9 Preparing Journal Entries; T - Accounts; Cost Flows [ LO 4 - CC 8 ; LO 6 - CC 1 2
PROBLEM Preparing Journal Entries; TAccounts; Cost Flows LO CC; LO CC; LO CC; LO CC CHECK FIGURE Underapplied by $ NI: $ Aponi Products, Inc. uses a joborder costing system. The company's inventory balances on August the start of its fiscal year, were as follows: During the year, the following transactions were completed: a Raw materials were nurchased on account. $During the year, the following transactions were completed: a Raw materials were purchased on account, $ b Raw materials were issued from the storeroom for use in production, $ direct and indirect c Employee salaries and wages were accrued as follows: direct labour, $; indirect labour, $; selling and administrative salaries, $ d Utility costs were incurred in the factory, $ e Advertising costs were incurred, $ f Prepaid insurance expired during the year, $ related to factory operations, and related to selling and administrative activities g Depreciation was recorded, $ related to factory assets, and related to selling and administrative assets h Manufacturing overhead was applied to jobs at the rate of of direct labour cost. i Goods that cost $ to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j Sales for the year totalled $ and were all on account. The total cost to manufacture these goods according to their job cost sheets was $Required: Prepare journal entries to record the transactions for the year. Prepare Taccounts for raw materials, work in process, finished goods, manufacturing overhead, and cost of goods sold. Post the appropriate parts of your journal entries to these T accounts. Compute the ending balance in each account. Do not forget to enter the beginning balances in the inventory accounts. Is manufacturing overhead underapplied or overapplied for the year? Prepare a journal entry to close this balance to cost of goods sold. Prepare an income statement for the year. Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the journal entries and Taccounts you have prepared. PROBLEM Computing Costs and Overhead LO CC; LO CC; LO CC; LO CC CHECK FIGURE Finishind denartment nverhead annlied $
PROBLEM
Preparing Journal Entries; TAccounts; Cost Flows LO CC; LO CC;
LO CC; LO CC
CHECK FIGURE
Underapplied by $
NI: $
Aponi Products, Inc. uses a joborder costing system. The company's inventory balances on August the start of its fiscal
year, were as follows:
During the year, the following transactions were completed:
a Raw materials were nurchased on account. $During the year, the following transactions were completed:
a Raw materials were purchased on account, $
b Raw materials were issued from the storeroom for use in production, $ direct
and indirect
c Employee salaries and wages were accrued as follows: direct labour, $; indirect labour,
$; selling and administrative salaries, $
d Utility costs were incurred in the factory, $
e Advertising costs were incurred, $
f Prepaid insurance expired during the year, $ related to factory operations, and
related to selling and administrative activities
g Depreciation was recorded, $ related to factory assets, and related to
selling and administrative assets
h Manufacturing overhead was applied to jobs at the rate of of direct labour cost.
i Goods that cost $ to manufacture according to their job cost sheets were transferred to
the finished goods warehouse.
j Sales for the year totalled $ and were all on account. The total cost to manufacture
these goods according to their job cost sheets was $Required:
Prepare journal entries to record the transactions for the year.
Prepare Taccounts for raw materials, work in process, finished goods, manufacturing
overhead, and cost of goods sold. Post the appropriate parts of your journal entries to these T
accounts. Compute the ending balance in each account. Do not forget to enter the beginning
balances in the inventory accounts.
Is manufacturing overhead underapplied or overapplied for the year? Prepare a journal entry to
close this balance to cost of goods sold.
Prepare an income statement for the year. Do not prepare a schedule of cost of goods
manufactured; all of the information needed for the income statement is available in the
journal entries and Taccounts you have prepared.
PROBLEM
Computing Costs and Overhead LO CC; LO CC; LO CC; LO
CC
CHECK FIGURE
Finishind denartment nverhead annlied $
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