Answered step by step
Verified Expert Solution
Question
1 Approved Answer
TTI Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs
TTI Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Job# Direct Materials Machine Direct Labor Job Status hours Sales Price when sold 332 $2,066 $1,571 37 Not Complete $9,589 333 $1,997 $1,458 35 Complete and not sold $9,101 334 $2,665 $1,679 44 Complete and not sold $11,442 335 $1,142 $ 846 20 Complete and sold $5,228 TTI Corporation determined at the beginning of the year that $30 per Machine hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $4,284. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0): Ending balance of Work in process account Ending balance of Finished goods account Ending balance of Overhead account after closing overhead Total Sales SA A A SA $ Total Cost of goods sold after closing overhead Gross profit as reported on the Income Statement Over/Underapplied overhead (enter overapplied as a positive number and underapplied as a negative number) SA tA $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started