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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. g. Soles 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 over-or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underopplied overhead balance is adjusted directly to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Determine how much gross proft the company would report during the month of January before any adjustment is made for the overhead balance. Ending Balance 20,500 Manufacturing Overhead \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Sales Revenue } \\ \hline Debit & & Crodit \\ \hline Boginning Balance & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Ending Balance Selling, General, and Administrative Expenses Required 2; 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance 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. t. Selling, General, and Administrative Expenses. g. Sales Revenue. 2. Determine pow much gross profit the company would report during the month of January before any adjustment is made for the overhead batance 3. Determine the amount of over- or underapplied overhead 4. Compute adjusted gross profit assuming that any over-or underappliod overhead 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 batances, post the January transactions, and compute the final balance for the folloning accounts: a. Raw Materials inventory. b. Work in Process inventory. c. Finished Goods Inventory. d. Cost of Goods sold e. Manufacturing Overhead. i. Selling, General, and Administrative Expenses. g. Sales Revenue. b. Work in Process Inventory. c. Finished Goods Inventory. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses. g. 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 over-or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted directly to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses: g. 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 over-or underapplied overhead. Sold. Complete this question by entering your answers in the tabs below. Determine the amount of overy or underapolied overhead. \begin{tabular}{|c|r|r|} \hline \multicolumn{3}{|c|}{ Raw Materials Inventory } \\ \hline Debit & 15,600 & \\ \hline Beginning Balance & & \\ \hline & & \\ \hline & 15,600 & \\ \hline Ending Balance & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Christopher's Custom Cabinet Company uses a job order cost system with overhead opplied as a percentage of direct labor costs. Inventory balances at the beginning of the current year follow: The following transactions occurred during January: a. Purchased materiais on account for $27,300. b. Issued materials to production totaling $21,000,90 percent of which was traced to specific jobs and the remainder of which was treated as mdirect materials. c. Payroll costs totaling $16,200 were recorded as follows: $10,400 for assembly workers $2,200 for factory supervision $1,800 for administrative personnel $1,800 for sales commissions d. Recorded depreciation: $5,700 for factory machines, $1,500 for the copier used in the administrative office. e. Recorded $1,400 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. f. Paid $5,400 in other factory costs in cash. 9. Applied manufacturing overhead at a rate of 200 percent of direct labor cost. h. Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,400 for direct materials, $2,300 for direct labor, and $4,600 for applied overhead. I. Sold jobs costing $50,500. The revenue earned on these jobs was $65,650. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a. Row Materials inventory. b. Work in Process inventory. - Einieher frovite Inuentring
