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urgent please answer (1,2,3,4) Christopher's Custom Cabinet Company uses a job order cost system with overhend appled as a percentage of direct labor costs. Imventory
urgent please answer (1,2,3,4)
Christopher's Custom Cabinet Company uses a job order cost system with overhend appled as a percentage of direct labor costs. Imventory balances at the beginning of the current year follow: The following transactions occurred during January: a. Purchased materials on account for $27,100. b. Issued materials to production totaling $21,800,90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $16.600 were recorded as follows: $10,100 for assembly workers $2,500 for foctory supervision $1,900 for administrative personnel $2,100 for sales commissions d. Recorded depreciation: $5.200 for foctory machines, $700 for the copier used in the administrative office. e. Recorded $1,400 of expired insurance. Forty percent was insurance on the manufacturing focility, with the remainder classified as an administrative expense. 1. Paid 54,600 in other factory costs in cash 9. Appled manufacturing overhead ot a rate of 200 percent of direct iabor cost: h. Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,100 for direct materials, $2,400 for direct labor. and $4,800 for opplied overhead. i. Sold jobs costing $51,600. The revenue earned on these jobs was $67,080. Required: 1. Set up T-accounts, record the beginning bolances, post the January transactons, and compute the final balance for the following accounts: a. Raw Moterials inventory b. Work in Process inventory c. Finished Goods inventory d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses, 9. Sales Rewenue. 2. Determine how much gross proft the company would report during the month of January before any adjustment is mode fov the 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final bolance for the following accounts: a. Raw Materials Inventory. b. Work in Process inventory. c. Finished Goods Inventory. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses 9. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 3. Determine the amount of ovet- or underapplied overhead 4. Compute odjusted gross profit assuming that any over-or underapplied overheod balance is adjusted directly to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Set up T-accounts, record the beginning baiances, post the January tramactions, and compute the final balance for the following accounts: Note: Post all amounts separutely Do not combine/add any dollar amounts when posting to the Traccounts. a. Raw Materiais inventory. b. Work in Process inventory c. Finished coods inventery. d. Cost of Goods Sold e. Manufacturing Overhead. 1. Seling. General, and Administrative Expenses 9. Sales Revenue. Set up T-accounts, record the beginning balances, post the january transactions, and compute the final balance for the following accounts: Note: Post all amounts separately. Do not combine/add any dollar amounts when posting to the T-accounts. a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses, 9. Sales Revenue. \begin{tabular}{|l|c|} \hline \multicolumn{2}{|c|}{ Manufacturing Overhead } \\ \hline Debit & Credit \\ \hline Beginning Balance & \\ \hline \end{tabular} Beginning fialance Step by Step Solution
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