Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is for Life Today Company for June, 2018 Raw Materials WIP Finished Goods Beg Inventory, June 1 Ending Inventory, June 30 $7,000

image text in transcribed

The following information is for Life Today Company for June, 2018 Raw Materials WIP Finished Goods Beg Inventory, June 1 Ending Inventory, June 30 $7,000 $9,000 $12,000 $25.000 $20,000 Raw Materials Purchased in June Direct Materials Used in June Direct Labor for assembly line, June Total Manufacturing Costs for June Company's Presidents Sala Depreciation on copier machine in CEO's office Sales commissions for June's sales Actual MOH for June $80,000 $60,000 $72,000 $182,000 $278,000 $960 $45,000 $49,500 Assume that the company uses the NORMAL method of costing (what we have been doing) rather than ACTUAL method of costing. Assume all raw materials put into production are considered Direct Materials. Required: Answer the following the questions-Explain your work submit your work that can count as explaining your work. LABEL your responses by corresponding letter. For example, a. $1,000,000 you want to email me a PDF of the T-accounts at the time you A. Ending raw materials inventory B. Manufacturing overhead applied during the month of June (before any$ adjustment for over- or under-applied MOH) C. Cost of goods manufactured during June D. Cost of goods sold during June before any adjustment E. Was manufacturing overhead over- or under-applied during June? F. If so, what was the dollar amount? G. Given your answers in (e) What is adjusted CGS for June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Total Quality Auditing

Authors: Amanda Jo Erven

1st Edition

1733784306, 978-1733784306

More Books

Students also viewed these Accounting questions