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Required information - PLEASE HELP!! all questions listed at the end [ The following information applies to the questions displayed below. ] Bunnell Corporation is
Required information PLEASE HELP!! all questions listed at the end
The following information applies to the questions displayed below.
Bunnell Corporation is a manufacturer that uses joborder costing. On January the company's inventory balances were
as follows:
The company applies overhead cost to jobs using direct laborhours. For this year, the company's predetermined
overhead rate of $ per direct laborhour was based on a cost formula that estimated $ of total
manufacturing overhead for an estimated activity level of direct laborhours. The following transactions were
recorded this year:
a Raw materials were purchased on account, $
b Raw materials used in production, $ All of of the raw materials were used as direct materials.
c The following costs were accrued for employee services: direct labor, $; indirect labor, $; selling and
administrative salaries, $
d Incurred various selling and administrative expenses eg advertising, sales travel costs, and finished goods
warehousing $
e Incurred various manufacturing overhead costs eg depreciation, insurance, and utilities $
f Manufacturing overhead cost was applied to production. The company actually worked direct laborhours on all
jobs during the year.
g Jobs costing $ to manufacture according to their job cost sheets were completed during the year.
h Jobs were sold on account to customers during the year for a total of $ The jobs cost $ to
manufacture according to their job cost sheets.
Questions to answer using the information above in in the photo:
What is the cost of goods available for sale for this year?
What is the journal entry to record the cost of goods sold referred to in item h above? chart fill in
What is the ending balance in Finished Goods? start with beginning balance fill in chartjounal
Assuming the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for this year?
What is the gross margin for this year?
What is the net operating income for this year?
Is manufacturing overhead underapplied or overapplied for this year? By how much?
What is the total actual manufacturing overhead cost incurred for this year?
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