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Saved Help Save & Exit S 8 Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3) Partially completed T-accounts and additional information for Cardinals,
Saved Help Save & Exit S 8 Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3) Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory Work-In-Process Inventory Finished Goods Inventory BB (11/1) 50, 000 BB (11/1) 80, 000 BB (11/1) 100,000 points 140, 000 109, 000 Labor 100, 000 200, 000 140, 000 Cost of Goods Sold Applied Manufacturing Overhead Skipped Manufacturing Overhead Control 98, 000 eBook Additional information for November follows: References . Labor wage rate was $40 per hour. Manufacturing overhead is applied at $35 per direct labor-hour. . During the month, sales revenue was $370,000, and selling and administrative costs were $68,000. . This company has no indirect materials or supplies. Required: a. What cost amount of direct materials was issued to production during November? b. How much manufacturing overhead was applied to products during November? c. What was the cost of products completed during November? d. What was the balance of the Work-in-Process Inventory account at the end of November? e. What was the over- or underapplied manufacturing overhead for November? f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Complete this question by entering your answers in the tabs below
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