Homework Help is Here – Start Your Trial Now!
Business
Accounting
5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑

5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

PLS HELP ASAP %%%

5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑
Transcribed Image Text:5 02:14:50 eBook Bromley Custom Cabinetry (BCC) uses a job costing system and applies overhead based on direct materials cost. Last year, manufacturing overhead was expected to be $708,400 and direct materials cost was estimated to be $644,000. Actual manufacturing overhead amounted to $708,400, as estimated, and actual direct materials cost was $619,000. BCC allocates any over- or underapplied overhead to three accounts-Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold-based on the balances in those accounts. At the end of the year, the total amount in the three accounts (Work-in- Process Inventory, Finished Goods Inventory, and Cost of Goods Sold) was $2 million before any allocation. As a part of the process, you learn that BCC allocated $23,375 to Cost of Goods Sold. Required: What will Bromley report as Cost of Goods Sold for the year? Note: Do not round intermediate calculations. Enter your answer in dollars, rather than in millions of dollars. Cost of goods sold ☑
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS