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The following T - accounts represent September activity for Kelly Tools: Additional Data Sales are billed at 1 7 5 percent of Cost of Goods
The following Taccounts represent September activity for Kelly Tools:
Additional Data
Sales are billed at percent of Cost of Goods Sold before the overor underapplied overhead is prorated.
Materials of $ were purchased during the month, and the balance in the Materials Inventory account increased by $
Overhead is applied at the rate of percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $ during the month before any proration of under or overapplied overhead.
Total credits to the Wages Payable account amounted to $ for direct and indirect labor.
Factory depreciation totaled $
Overhead was overapplied by $ Overhead other than indirect labor, indirect materials, and depreciation incurred was $ which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate percent of overapplied overhead to WorkinProcess Inventory, percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in Taccounts are before any allocation.
Required:
Complete the Taccounts. Not all amount fields to be populated have accompanying descriptions.
tableMaterials Inventory,DobitCredit,Beginning Balance PurchasesDirect materialsIndirect materials
Finishod Goods Inventory
tableFinishod Goods Inventory,DebitBeginning Balance Balance before proration,,,
tableManufacturing Overhead Control,,Beginning Balance Indirect materials,,,
tableWages Payable,DebitBeginning Balance Credit
The following Taccounts represent September activity for Kelly Tools:
Additional Dato
Sales are billed at percent of Cost of Goods Sold before the over or underapplied overhead is prorated.
Materials of $ were purchased during the month, and the balance in the Materlals Inventory account increased by $
Overhead is applied at the rate of percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $ during the month before any proration of underor overapplied overhead
Total credits to the Wages Payable account amounted to $ for direct and indirect labor.
Factory depreclation totaled $
Overhead was overapplied by $ Overhead other than indirect labor, Indirect materials, and depreclation incurred was $ which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate percent of overapplied overhead to WorkInProcess Inventory, percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown In Taccounts are before any allocation.
Required:
Complete the Taccounts. Not all amount fields to be populated have accompanying descriptions.
tableMaterials InventoryDebitCredittableBeginning Balance
Additional Data
Sales are billed at percent of Cost of Goods Sold before the over or underapplied overhead is prorated.
Materials of $ were purchased during the month, and the balance in the Materials Inventory account increased by $
Overhead is applied at the rate of percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $ during the month before any proration of underor overapplied overhead.
Total credits to the Wages Payable account amounted to $ for direct and indirect labor.
Factory depreciation totaled $
Overhead was overapplied by $ Overhead other than indirect labor, indirect materials, and depreciation incurred was $ which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate percent of overapplied overhead to WorkinProcess Inventory, percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in Taccounts are before any allocation.
Required:
Complete the Taccounts. Not all amount fields to be populated have accompanying descriptions.
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