Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below ] The following information is available for ADT Company, which produces special order security
Required information [The following information applies to the questions displayed below ] The following information is available for ADT Company, which produces special order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Beginning of End of period Period Raw materials $ 49,000 $ 47,000 Work in process 9, 100 19, 400 Finished goods 62,000 34,000 Cost incurred for the period Raw materials purchases $ 175, 000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 18, 000 Indirect labor used 34, 500 Other overhead costs 93,000 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.Complete this question by entering your answers in the labs brion. 1. In the Raw Materials Inventory Toaccount, went amounts for beginning and ending belmont way with porchwent and induct matenck wed, Solve hor drect materich weed in the panel 3. In the work in Prooms Inventory Tuaccount, import amounts for topinning and ending balances wong 's thodrect muterisk weed ( from part Th direct labor used (from part ?), and applied gertrud. Salve for cort of goods manufactured in the period 4: In the Fireheed Gooch Inventory Toaccount, insert amounts for beginning and ending balinges along with cost of goodsmanufactured from part 3). She for cost of goods sold in the period ( do not conudign S. In the Ferbary Owehard T-account insert amount for indirect materials used indirect labor wpeid other overhead costs, and applied overhead. Solve for undoappled of overaglad pretend. Dem Waielals Inespoory Exding Finished Goods Inventor EndingComplete this question by entering your answers in the tabs below. Required 1 3 4 and 5 Required 2 Compute the cost of direct labor used for the period. The cost of direct labor for the period Cost of direct labor used
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started