Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

XYZ Company is a manufacturer that uses job-order costing. The company has provided the following data related to its operations for the past year.

image

XYZ Company is a manufacturer that uses job-order costing. The company has provided the following data related to its operations for the past year. Inventory Accounts Raw Materials Work in process Finished goods Est TTL MOH Est TTL DL hours POR Actual DL Hours Required: Beginning Ending Transactions Inventory Inventory 38,000 ? Raw materials purchased 453,000 16,000 88,500 Raw materials used in production (all direct) 417,000 39,000 ? Direct labor costs 545,000 Actual Indirect labor cost incurred 151,000 Other Data Other actual MOH costs incurred 449,000 708,000 TTL MOH Costs incurred 600,000 48,000 $ 14.75 The cost of finished goods that were sold 1,498,000 46,000 MOH applied to production ? (a) Calculated the ending balance in the raw materials inventory account. (b) Calculated the cost of goods manufactured. (c) Calculated the ending balance in the finished goods inventory account. (d) Calculated the adjusted cost of goods sold amount.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ISE Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

8th Edition

1260091759, 9781260091755

More Books

Students also viewed these Accounting questions

Question

2. Experiment with peer editing.

Answered: 1 week ago