Requirement 5. What was the cost of goods sold before proration of under- or overallocated overhead?
Can someone help with the rest of the requirements please 5-9?
Thank you!
- X T-accounts More info Direct Materials Control Work-in-Process Control Finished Goods Control a. 1-1-2017 37,000 233.000 1-1-2017 43,000 1-1-2017 11,000 667,800 Direct manufacturing labor wage rate was $12 per hour. b. Manufacturing overhead was allocated at $16 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,080,000, and marketing and distribution costs were $124,000. 134,000 923,920 Dir. Manuf. labor 354,000 Manufacturing Overhead Allocated Cost of Goods Sold Manufacturing Overhead Control 509,000 Print Done Print Done TT ZUIT yuuu UZU.UZU Direct materials 233,000 354,000 Direct manufacturing labor Manufacturing Overhead allocated 472,000 Windway Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Windway for 2017 are as follows: BE: (Click the icon to view the T-accounts.) (Click the icon to view the additional information.) - Read the requirements Requirements Requirement 1. What was the amount of direct materials issued to production during 2017? Direct materials issued to production during 2017 was $ 233,000 Requirement 2. What was the amount of manufacturing overhead allocated to jobs during 2017? First identify the formula to calculate the manufacturing overhead allocated. Direct manufacturing labor hours x Manufacturing overhead rate Manufacturing overhead allocat 1. What was the amount of direct materials issued to production during 2017? 2. What was the amount of manufacturing overhead allocated to jobs during 2017? 3. What was the total cost of jobs completed during 2017? 4. What was the balance of work-in-process inventory on December 31, 2017? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2017? 7. Dispose of the under- or overallocated manufacturing overhead using the following: a. Write-off to Cost of Goods Sold b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold 8. Using each of the approaches in requirement 7, calculate Windway's operating income for 2017 9. Which approach in requirement 7 do you recommend Windway use? Explain your answer briefly. Manufacturing overhead allocated to jobs during 2017 was $ 472,000 Requirement 3. What was the total cost of jobs completed during 2017? The total cost of jobs completed during 2017 was $ 923,920 Requirement 4. What was the balance of work-in-process inventory on December 31, 2017? Post the entries during the year in the Work-in-process control account to determine the ending balance on December 31, 20 1-1-2017 Work-in-Process Control 43,000 Transferred to finished goods 233,000 923,920 Direct materials Print Done
