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Theres no other information provided, hope you can help! :) The following incomplete information is provided in relation to Newfield Ltd for the month of
Theres no other information provided, hope you can help! :)
The following incomplete information is provided in relation to Newfield Ltd for the month of January. The actual labour rate is $15 per hour, and overhead is applied on the basis of $16.50 per direct labour hour. (0) Jobs sold during the month were sold for $560,000 (credit sales). The cost of the goods sold during the month was $385,000. (i) Office supplies inventory worth $4,500 were issued to production during January. (iv) A total of 5,000 labour hours were worked during normal working hours. Total overhead premiums incurred during the month are $3738. () Sundry manufacturing overhead costs incurred during January were $57,000. Raw Material Inventory Work in Process Inventory Bal. 1/1 $23,000 b) Bal. 1/1 $33,500 f) d) e) a Bal 31/1 $22.000 Bal 31/1 $37,600 Cost of Goods Sold Finished Goods Inventory Bal.1/1 $82,000 h) i) Bal 31/1 $41,500 Manufacturing Overhead k) m) 1) Sundry OH $57,000 Sales Revenue A/C Rec $560,000 Required: i) Complete the T accounts providing the amounts of a) to m) to show the flow of costs through the company's manufacturing accounts. (NB: No entry is required to close the amount of over/under applied overhead in this part of the question) (6 marks) ii) Was manufacturing overhead under/over applied during January and by how much? (2 marks)Step by Step Solution
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