Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected T-accounts of Mareanie Company are given below for the just completed year: DEBIT CREDIT 1/1 Balance P 5,000 P ? 120,000 Balance P25,000 WORK-IN
Selected T-accounts of Mareanie Company are given below for the just completed year: DEBIT CREDIT 1/1 Balance P 5,000 P ? 120,000 Balance P25,000 WORK-IN -PROCESS DEBIT CREDIT 1/1 Balance # 20,000 Aug 31 Goods finished P 670,000 Direct Materials 70,000 Direct Labor 225,000 Factory Overhead 360,000 FINISHED GOODS DEBIT CREDIT 1/1 Balance P 30,000 P ? 2 12/31 Balance P 60,000 FACTORY OVERHEAD DEBIT CREDIT P 350,000 ? COST OF GOODS SOLD DEBIT CREDIT ?D Question 6 1 pts The WORK-IN-PROCESS, ending for the period amount to P__ D Question 7 1 pt The ending balance of the Work-in-Process consists entirely of goods started during the year. If #8,000 of this balance is direct labor cost, the APPLIED OVERHEAD COST amount to P_ D Question 8 1 pts Out of the total factory wages accrued INDIRECT LABOR amount to P_ D Question 9 1 pts The amount of underapplied or overapplied overhead of the period amount to P_ "INDICATE in the solution sheet whether MOH is OVERAPPLIED or UNDERAPPLIED. CAUTION: If the answer is UNDERAPPLIED encode the minus sign before the numerical answer. Do not place any spaces. D Question 10 1 pt Out of the raw materials used in production INDIRECT MATERIALS amount to P_
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