Chapter 3 notxa bns ewolf200 galteco 15b10 dol3.Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entryto close any balance in the Manufacturing Overhead account to Cost of Goods Sold.4. Prepare an income statement for the year. (Do not prepare a schedule of cost of goodsmanufactured; all of the information needed for the income statement is available in thejournal entries and T-accounts you have prepared.) PROBLEM 3-16 Comprehensive Problem LO3-1, LO3-2, LO3-4Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages forthe South China market. The company sells its birdcages through an extensive network of streetvendors who receive commissions on their sales.The company uses a job-order costing system in which overhead is applied to jobs on thebasis of direct labor cost. Its predetermined overhead rate is based on a cost formula that esti-mated $330,000 of manufacturing overhead for an estimated activity level of $200,000 direct labordollars. At the beginning of the year, the inventory balances were as follows:a.b.C.d.60Raw materialsWork in processFinished goods ..During the year, the following transactions were completed:Raw materials purchased on account, $275,000.Raw materials used in production, $280,000 (materials costing $220,000 were chargeddirectly to jobs; the remaining materials were indirect).Costs for employee services were incurred as follows:Direct labor ....Indirect laborSales commissionsch account.Administrative salariesRent for the year was $18,000 ($13,000 of this amount related to factory operations, and theremainder related to selling and administrative activities).e.Utility costs incurred in the factory, $57,000.f.Advertising costs incurred, $140,000.g. Depreciation recorded on equipment, $100,000. ($88,000 of this amount related to equipmentused in factory operations; the remaining $12,000 related to equipment used in selling andadministrative activities.)h. Manufacturing overhead cost was applied to jobs, $ ?i. Goods that had cost $675,000 to manufacture according to their job cost sheets werecompleted.j.Sales for the year (all paid in cash) totaled $1,250,000. The total cost to manufacture thesegoods according to their job cost sheets was $700,000.aninoOTC te trataVLTS10$25,000$10,000$40,000STunt$180,000$72,000$63,000$90,000US).lineOIonce in

The income statement tells about the profitability of the business for the current period. The gross…

3. 4. Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.)

3. 4. Is Manufacturing Overhead underapplied or overapplied for the year? Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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3. Prepare journal entries for the month of April to record the above transactions. View transaction list View journal entry worksheet No 2 3 4 5 6 7 Transaction b. C. d. e. 1. 9. Direct materials used Direct labor used Cash Indirect labor Indirect labor Cash Factory overhead Overapplied overhead Underapplied overhead Factory building Cash Utilities expense Utilities payable General Journal Debit Credit
Which one of the following is correct about manufacturing statement? Select one: a. It is one of the reports for the use of financial analysts outside the company. b. It can only be prepared on a yearly basis. c. It does not include information about raw materials cost. d. It reports Cost of Goods Sold. Clear my choice
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Determine specific amounts for the following items this month: Cost of Direct Materials used Cost of Direct Labor Manufacturing Overhead Cost Please don't provide answer in image format thank you
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Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production $ 31,000 $ 4,570 Direct labor $ 59,000 Manufacturing overhead applied to work in process Underapplied overhead $ 88,200 $ 4,150 Inventories Beginning Raw materials $ 11,300 Ending $ 18,200 Work in process $ 54,200 $ 65,000 Finished goods $ 33,200 $ 42,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added…
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Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 a. Materials purchases (on credit). b. Direct materials used. View transaction list Journal entry worksheet
Gayner Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes and the actual results of operations for November. Variable Actual Fixed Element Element per Total for per Month November Well Serviced 4,300 $ 148,400 Revenue Employee salaries and 1,000 $ 006 wages 009 2$ 20,200 Servicing materials $29,600 30,300 Other expenses When the company prepared its planning budget at the beginning of November, it assumed that 30 wells would have been serviced. However, 34 wells were actually serviced during November. The spending variance for "Servicing materials" for November would have been closest to: MacBook Air い DD 888 delete 8. 6 9 %24 %24 %24 %24 %24