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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 T-accounts represent September activity for Kelly Tools:
Additional Data
Sales are billed at 175 percent of Cost of Goods Sold before the over-or underapplied overhead is prorated.
Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700
Overhead is applied at the rate of 210 percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead.
Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor.
Factory depreciation totaled $32,700.
Overhead was overapplied by $17,200. Overhead other than indirect labor, indirect materials, and depreciation incurred was $54,850, which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation.
Required:
Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions.
\table[[Materials Inventory,],[Dobit,,Credit,],[Beginning Balance (91),,,],[Purchases,,,Direct materials],[,,,Indirect materials],[,,,],[,,,],[,,,]]
Finishod Goods Inventory
\table[[Finishod Goods Inventory,],[Debit,,],[Beginning Balance (91),,,],[,,,],[Balance before proration,,,],[,,,],[,,,],[,,,]]
\table[[Manufacturing Overhead Control,,],[Beginning Balance (9/1),,,],[Indirect materials,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]
\table[[Wages Payable,],[Debit,,,],[Beginning Balance (91,,,Credit],[,,,],[,,,],[,,,],[,,,],[,,,]]
The following T-accounts represent September activity for Kelly Tools:
Additional Dato
Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated.
Materials of $76,500 were purchased during the month, and the balance in the Materlals Inventory account increased by $5,700
Overhead is applied at the rate of 210 percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under-or overapplied overhead
Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor.
Factory depreclation totaled $32700
Overhead was overapplied by $17,200. Overhead other than indirect labor, Indirect materials, and depreclation incurred was $54,850, which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate 12 percent of overapplied overhead to Work-In-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown In T-accounts are before any allocation.
Required:
Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions.
\table[[Materials Inventory],[Debit,,,Credit],[\table[[Beginning Balance (91)
Additional Data
Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated.
Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700
Overhead is applied at the rate of 210 percent of direct materials cost.
The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under-or overapplied overhead.
Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor.
Factory depreciation totaled $32,700.
Overhead was overapplied by $17,200. Overhead other than indirect labor, indirect materials, and depreciation incurred was $54,850, which required payment in cash. Overapplied overhead is to be allocated.
The company has decided to allocate 12 percent of overapplied overhead to Work-in-Process Inventory, 23 percent to Finished Goods Inventory, and the balance to Cost of Goods Sold. Balances shown in T-accounts are before any allocation.
Required:
Complete the T-accounts. Not all amount fields to be populated have accompanying descriptions.
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