Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 46,700 25,950 9,700. Factory Wages
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 46,700 25,950 9,700. Factory Wages Payable Credit Debit 127,700 87,450 41,950 Debit Credit Work in Process Inventory Debit Credit Factory Overhead 9,700 104,384 41,950 63,070 Finished Goods Inventory Debit Credit 172,020 154,990 25,950 172,020 87,450 104,384 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 46,700 25,950 9,700 Debit Factory Overhead 9,700 104,384 41,950 63,070 Factory Wages Payable Debit 127,700 Credit 87,450 41,950 Credit Work in Process Inventory Debit Credit 25,950 172,020 87,450 104,384 Finished Goods Inventory Debit 172,020 Credit 154,990 1. Compute the amount for each of the following. a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the amount that overhead is overapplied or underapplied. < Required 1 Required 2 >
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