Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 45,500 24,750 8,500 Factory Wages Payable Debit 126,500 Credit 86,250 40,750 Work in Process Inventory Debit 24,750 86,250 Credit Finished Goods Inventory Debit Credit 170,820 170,820 153,790 103,184 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) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Factory Overhead Debit Credit 8,500 40,750 61,870 103,184 Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 45,500 24,750 8,500 Factory Wages Payable Debit 126,500 Credit 86,250 40,750 Work in Process Inventory Debit 24,750 86,250 Credit Finished Goods Inventory Debit Credit 170,820 170,820 153,790 103,184 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) Compute the amount that overhead is overapplied or underapplied. Underapplied overhead Factory Overhead Debit Credit 8,500 40,750 61,870 103,184
Expert Answer:
Answer rating: 100% (QA)
a Direct materials used Raw Materials Inventory beginning Purchases Raw Materials Inventory ending D... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Question list Question 12 Question 13 Question 14 Question 15 O Question 16 Question 17 O Question 18 Question 19 Question 20 esc 2 K Let v=-8i+4j, and w= -i-9j. Find 5w+ 3v. 5w+3v= (Type your answer...
-
1. Citing clear examples, research and explain the meaning of the following terminologies in the context of international relations. Make sure you have three (3) or more verifiable references at the...
-
is the act of planning how wealth will be allocated on or before your death. Asset allocation Estate planning Liquidity planning Management planning
-
A test rocket is launched by accelerating it along a 200.0-m incline at 1.25 m/s2 starting from rest at point A (Figure 3.45.) The incline rises at 35.0o above the horizontal, and at the instant the...
-
A specialized automatic machine costs $300,000 and is expected to save $111,837.50 per year while in operation. Using a 12% interest rate, what is the discounted payback period? (a) 4 (b) 5 (c) 6 (d)...
-
Suppose that a multiple regression has \(k=7\) explanatory variables. The coefficient of determination, \(R^{2}\), is found to be 0.829 based on a sample of \(n=20\) observations. (a) Compute the...
-
On January 2, 2020, Wayne Inc. signed an eight-year lease for office space for \(\$ 24,000\) annually, with the first payment due immediately. Wayne has the option to renew the lease for an...
-
The contribution margin income statement of Westlake Coffee for February follows: Westlake coffee sells three small coffees for every large coffee. A small coffee sells for $ 3.00, with a variable...
-
Garden Sales, Incorporated, sells garden supplies. Management isplanning its cash needs for the second quarter. The company usuallyhas to borrow money during this quarter to support peak sales ofla 2...
-
Describe the moral person aspect relative to ethical leadership. as well asIn 450 words, describe the moral manager dimension of ethical leadership. Provide Research for future research.
-
Consider the static labour-leisure model from the notes, with one change: households earn an overtime wage wt > wt if they work more than 0 < h < h hours. (a) Illustrate, in a properly labelled...
-
Consider the experiment of tossing a fair coin four times. a) What is sample space associated with this experiment? Label a heads H and a tails T. b) Let A be the event that heads are flipped first....
-
Adam's Car Repairs Ltd. has just received its bank statement for June 2022 from ANB Bank. To prepare the bank reconciliation, the following data has been gathered: The 30 June bank statement balance...
-
The economic costs of COVID-19 and on the specific market failures that justify government intervention to mitigate inefficiencies. These government interventions/mechanisms include economic...
-
Maria is one of 5 directors of Beta Investments Corporation. She is also a majority shareholder holding both common and preferred stock. Her stock with voting rights amounts to 47% of all stock...
-
Multiply the first equation by 2. Give the abbreviation of the indicated operation. 2* - 2y = 5 2x+5y = 2 x + The transformed system is y = (Simplify your answers.) 2x + 5y= 2.
-
Suppose a population of bacteria doubles every hour, but that 1.0 x 106 individuals are removed before reproduction to be converted into valuable biological by-products. Suppose the population begins...
-
Refer to QS 5-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system. Data...
-
The first production department of Stone Inc. reports the following for April. Compute the number of equivalent units of production for both direct materials and conversion for April using the...
-
Viva sells its waterproof phone case for $90 per unit. Fixed costs total $162,000, and variable costs are $36 per unit. Determine the (1) Contribution margin ratio and (2) Break-even point in dollars.
-
Elianne Vinas owns Vinas Shoe Company. She is contemplating the purchase of a cutting machine that would be used to make shoes in her factory. The following estimates are available: Required:...
-
Paola Grillon owns Grillon Skin Care Products. She is contemplating the purchase of an industrial mixer that would be used to mix cosmetics in her factory. The following estimates are available:...
-
Penny Williams is contemplating the purchase of a new computer system for her company, Williams Manufacturing. She has made the following estimates: Required: a. Determine the internal rate of return...
Study smarter with the SolutionInn App