CHRISTOPHER'S CUSTOM CABINET COMPANY 2018 Beginning inventory Balances Raw materials inventory Work in process inventory Finished goods inventory January transactiona a. Purchased materials on account bus materials to production 80% traced to speato jobs 20% realed as indirect Recorded pel costs Assembly workers Factory supervision Administrative personnal Sales commissions Recorded deprecation Machines Offce copler haurance expi Parcentage tor manuteuing city Percentage or administrative pe Paid cash for other factory co 3. Applied manufacturing over of direct labor Percentage ( cost sheet or ene uncompleted Direct ma Directiaber Applever Cost of jobs sold Revenue eamed on the job S $ 1 1 1 $ $ $ 1 1 1 1 20,000 15,000 32,000 26,000 40,000 49,700 18,000 5.200 31,000 15,500 8.500 2,400 4,000 40% 60% 7,800 300% 10 000 3,000 8,000 70.000 $1,000 Requirement Set up T-accounts, record the beginning baland Raw Materials very b. Work in Process Inventory Finished Goods Inver Cost of Goods Sold Manufacturing Over Selling, General, and Administ Expenses Sales Revenue Requirement 2 Determine how much gress prot the company would report during the month of January before any adjustment is made for the overhead balance Requ Determine the amount of ever er underapplied ever sary transactions, and compute the tal balance for the following account (Post all amounts Remen Computeausted gross proft assumin Cost of Goods Sold Requirement 1: Raw Materials Inventory 20,000 26,000 6,000 Corect Cost of Goods Sold Try again Sales Revenue Requirement 2: Unadjusted gross profit 40,000 b Try again! Requirement 3: Manufacturing overhead Requirement 4: Adjusted Gross Profit 's CHRISTOPHER'S CUSTOM CABINET COMPANY Try again! rs 46,000 Try again! 46,000 Try again 1/1 DUC Work in Process Inventory 15,000 32,000 18,000 54,000 97,000 Try agains 22,000 h Manufacturing Overhead 8,000 54,000 46,000 Try again! 1/1 h Finished Goods Inventory 32,000 22.000 (16,000) Try again 70,000 1 Selling and Administrative Expenses Try again CHRISTOPHER'S CUSTOM CABINET COMPANY 2018 Beginning inventory Balences Raw materials inventory Work in process inventory Finished goods invertory January transactions a Purchased meenals on account bus materials production 80% traced to spect jobs 20% teated as indirect Recorded payroll costs Assembly workers Factory supervision Administrative personal Sales commission 4. Recorded depr Machines Ofer surance pied Paneniage for many Percansage tor administrative expense t Paid cash tv cher lectory co Apped mancing overhead Perage of direct labor Job rost sheet for one uncompleted job Diect marials Director Applied overhead Cost of jobs sod Revenue camed on these jobs 4 1. 1 1 S $ S $ $ $ 20,000 15,000 32,000 20,000 40,000 49,700 10,000 5,200 31,000 15.500 8.000 2.400 4.000 40% BON 7,800 300% 10,000 3,000 9,000 70,000 $1,000 Requirement Set up T-accounts, record the beginning belances, post the January transactions, and compute the final balancs for the blowing accounts (Post all an Raw Materials Inventory b. Work in Process Inventory Finished Geots Invertery d. Cost of Goods Beld Manutacturing Overmad Saling, General, and Adminative Expenses Sales Revenue Requirement2 Determine how much gross proft the company would report dung the month of January before any adjustment is Requirement 3 Deline the amount of ever underapped ove Requirement Compute adjusted gross proftasuming that any over-or underapped overment balance is adjusted directly Cost of Goods Sold Requirement 1: 1/1 L Raw Materials Inventory 20,000 26,000 6,000 Comect Cost of Goods Sold Try again! Sales Revenue 40,000 b Requirement 2: Unadjusted gross profit Try again! Requirement 3: Manufacturing overhead Requirement 4: Adjusted Gross Profit CHRISTOPHER'S CUSTOM CABINET COMPANY Try again! 46,000 Try again! 46,000 Try again! 1/1 Work in Process Inventory 15,000 32,000 18,000 54,000 97,000 Try again! 22,000 h Manufacturing Overhead 8,000 54,000 46,000 Try again! Finished Goods Inventory 32,000 70,000 22,000 (16,000) Try again! Selling and Administrative Expenses Try again