Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
this is all one question, thank you!!! Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market.
this is all one question, thank you!!!
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $84,000 of manufacturing overhead for an estimated activity level of $40,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials Work in process Finished goods $10,600 $ 4,800 $ 8,900 During the year, the following transactions were completed: a. Raw materiais purchased on account, $165,000 b. Raw materials used in production, $142,000 (materials costing $121,000 were charged directly to jobs the remaining materials were c. Costs for employee services were incurred as follows: indirect) Direct labor Indirect labor Sales commissions Administrative salaries $ 168,000 $ 275,700 $ 25,000 5 41,000 d. Rent for the year was $18,200 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities) e. Utility costs incurred in the factory, $12.000, 9 Depreciation recorded on equipment , $23,000 (517,000 of this amount related to equipment used in factory operations, the remaining $6,000 related to equipment used in selling and administrative activities) n. Manufacturing overhead cost was applied to jobs, $? find the narrers in their internet cinnte man Tenim 20,UVU Leu w equipmen seul Demy allu aun sauve LUVILES. h. Manufacturing overhead cost was applied to jobs, $_? 1. Goods that had cost $228,000 to manufacture according to their job cost sheets were completed. jSales for the year (all paid in cash) totaled $504,000. The total cost to manufacture these goods according to their job cost sheets was $219,000 Required: 1. Prepare journal entries to record the transactions for the year. 2. Prepare T-accounts for each inventory account Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts) 3A. Is Manufacturing Overhead underapplied or overapplied for the year? 38. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold 4. Prepare an income statement for the year. All of the information needed for the income statement is available in the Journal entries and T-accounts you have prepared. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3A Reg 38 Reg 4 Prepare journal entries to record the transactions for the year. (Ir no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 3 4 5 6 7 1 2 8 11 > Raw materials purchased on account, $165,000. Raw materials purchased on account, $165,000. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal 115 R LIIC LOWO UCIVV Reg 1 Reg 2 Req Req 3B Reg 4 Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction/ew required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Rent for during the year was $18,200 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities). Note: Enter debits before credits. Transaction General Journal Debit Credit d. Record entry Clear entry View general journal Req 1 Req 2 Req 3A Req 3B Reg 4 repare journal entries to record the transactions for the year. (If no entry is required for a trans equired" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Advertising cost incurred, $12,000. Note: Enter debits before credits. General Journal Transaction f. Debit Credit Record entry Clear entry View general journal Reg 1 Req 2 Req 3A Req 3B Req 4 Prepare journal entries to record the transactions for the year. (If no entry is required for a transaction required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet Depreciation recorded on equipment, $23,000. ($ 17,000 of this amount related to equipment used in factory operations; the remaining $ 6,000 related to equipment used in selling and administrative activities.) Note: Enter debits before credits. General Journal Debit Credit Transaction g. Record entry Clear entry View general journal Req 1 Reg 2 Reg Req 3B Reg 4 Prepare journal entries to record the transactions for the year. (If no entry is required for a tran required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet The total cost to manufacture these goods according to their job cost sheets was $219,000. Note: Enter debits before credits. Transaction General Journal Debit Credit i(2), Record entry Clear entry View general journal Reg 1 Reg 2 Reg 3A Reg 3B Reg 4 Prepare T-accounts for each Inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). (Do not round Intermediate calculations.) Raw Materials Work in Process Beg. Bal Beg Bal End. Bal End. Bal Finished Goods Manufacturing Overhead Beg Bal Beg Bal End. Bal Cost of Goods Sold End B Beg Bali End. Bal Reg1 Reg SA > Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is required transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold Note: Enter debits before credits Transaction General Journal Dobit Credit 1 Record entry Clear entry View general Journal Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Req 3A Req 3B Reg4 Prepare an income statement for the year. (All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.) Gold Nest Company Income Statement For the Year Ended 0 Selling and administrative expenses 0 0 $
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5626950_477669c7c55bc7de.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c56c0423_478669c7c565baa8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5763a70_479669c7c570233a.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5808633_479669c7c579c5b7.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c589da78_480669c7c583aa72.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c59135b8_480669c7c58d3523.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c59b4116_481669c7c594f087.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5a65cab_482669c7c5a01cfd.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5b0e9ce_482669c7c5aa6b10.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5bbd3bb_483669c7c5b4d9d6.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5c6b7eb_483669c7c5bf3860.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5d0929d_484669c7c5c9e337.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5d9f123_485669c7c5d3e7cf.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5e4d51c_485669c7c5de3b1a.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5ee99a1_486669c7c5e8a608.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/669c7c5f8cf9e_487669c7c5f2cabb.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started