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would really appreciate if someone could help me continue filling out the chart! Munoz Manufacturing Corporation was started with the issuance of common stock for
would really appreciate if someone could help me continue filling out the chart!
Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Job 1 Job 2 Job 3 Total Direct Raw Materials Used $1,300 2.300 3.200 $6,000 Direct Labor $2,200 3,900 1,900 $8,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz pald $400 for selling and administrative expenses. Actual factory overhead was $5,200 Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example, c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Assets Raw Material Cash Manufacturing Overhead Work in Process Finished Goods Equity Common Retained Stock Earnings 65,000 Revenue Expense Net Income 65,000 - (7.700) 7.700 (1.300) (2,200) 1,300 2.2001 (2.300) 2.300 (3,900) + 3,900 3,2001- (3,200) 51.200 - 900 12.900 D 65,000 0 0 O 0 Step by Step Solution
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