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PROMPT You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the company's
PROMPT You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the company's leadership team. Use the scenario info in the table below: A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it on the OVERVIEW DIAGRAM sheet. OVERVIEW DIAGRAM B: Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of the year-end under-or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold (COGS) account. Assume COGS given of $4,020 does not include the write off of overallocated manufacturing overhead. Use the template on the JOURNAL ENTRIES sheet. JOURNAL ENTRIES SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: $1,300 Indirect manufacturing labor incurred by various production departments: $900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments: $550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods manufactured: $4,120 Revenues: $8.000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020 Inventories. December 31, 2016 (not 2017): o Materials control: $100 o Work-in-process control: 560 o Finished goods control: $500
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