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STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 4-21 Your answer is partially correct. Try again. Drew Corp. designs and manufactures mascot uniforms for high school,

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STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 4-21 Your answer is partially correct. Try again. Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work in Process Inventory 31.000 Beg. Beg. Accounts Receivable 56,000 Beg. Accounts Payable Beg 42,000 Finished Goods 22,000 Beg. Beg. Cash 32,000 During the year, the following events occurred: 1. Drew purchased raw materials costing $86,000 on account. 2. Drew used $93,000 of raw materials in production of these, 70% were classified as direct materials and 30% as indirect materials. (Drew maintains a single Raw Materials Inventory account.) 3. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $7.5 per hour credit Wages Payable). 4. The company's only indirect labor cost was the salary of a security guard hired to watch the company's shop after hours. The guard's annual salary was $25,000 (credit Wages Payable). 5. Other manufacturing overhead costs the company incurred on account totaled $70,000. 6. Drew applied $130,000 in manufacturing overhead. 7. The company completed production of goods costing $326,000. 8. The company's Cost of Goods Sold balance was $303,750 before adjusting for over or underapplied overhead. 9. Sales revenue was $425,000 (all sales were made on account) 10. Drew collected $450,000 from customers. 11. The company paid accounts payable of $100,000 12. At year-end, all wages earned during the year had been paid. (a) Calculate under or overapplied overhead for the year. (Round answer to o decimal places, e.g. 5,275.) CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT URCES 7. The company completed production of goods costing $325,000. 8. The company's cost of Goods Sold balance was $303,750 before adjusting for over or underapplied overhead. 9. Sales revenue was $425,000 (all sales were made on account). 10. Drew collected $450,000 from customers. 11. The company paid accounts payable of $100,000 12. At year-end, all wages earned during the year had been paid. (a) Calculate under or overapplied overhead for the year. (Round answer to 25 tudy (b) Assuming that Drew doses under or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. 296650 Adjusted cost of goods sold (c) Assuming that Drew prorates under or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the fear. (Round of total to I decimal place, . 52.7 allocation and final answers to 2 decimal places, e.g. 52.75.) Adjusted Balance 132124.78 Work In Process 43598.22 Finished Goods 299276.29 Cost of Goods Sold Click if you would like to show Work for this question Open Show Work LINK TO TEXT By accessing this question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor

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