A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold Credit. Manuf. Overhead $60,000 $18,000 $12,000 $30,000 $60,000

A job order costing company had the following ending balances and cost of goods sold prior to any adjustments for under/over-applied overhead. Raw Materials: $20,000 Work-in-process: $60,000 Finished Goods: $40,000 Cost of Goods Sold: $100,000 The company incurred total manufacturing overhead costs of $360,000. The amount of overhead that was debited to work-in-process was $300,000. Which of the following shows the correct journal entry for the adjustment for under/over-applied overhead? The company uses the method that adjusts three different accounts. Debit. Raw Materials $10,000 Debit. Work-in-process $30,000 Debit. Finished Goods $20,000 Credit. Manuf. Overhead Debit. Manuf. Overhead $60,000 Credit. Raw Materials $10,000 Credit. Work-in-process $30,000 Credit. Finished Goods $20,000 Debit. Manuf. Overhead $60,000 Credit. Work-in-process $18,000 Credit. Finished Goods $12,000 Credit. Cost of Goods Sold $30,000 Debit. Work-in-process Debit. Finished Goods Debit. Cost of Goods Sold Credit. Manuf. Overhead $60,000 $18,000 $12,000 $30,000 $60,000

Name: A job order costing company had the following endingbalances and cost
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Description: A job order costing company had the following endingbalances and cost of goods sold prior to anyadjustments for under/over-applied overhead.Raw Materials: $20,000Work-in-process: $60,000Finished Goods: $40,000Cost of Goods Sold: $100,000The company

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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[The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Beginning of period Indirect materials used Indirect labor used Other overhead costs $ 36,000 9,500 55,000 1. Raw materials purchases for cash. 2. Direct materials used. 3. Indirect materials used. View transaction list < Exercise 15-13 (Algo) Recording materials; direct and indirect LO P1, P3 Journal entry worksheet B Smy A Prepare journal entries for the above transactions for the period. Record the indirect materials used. Transaction 3 Note: Enter debits before credits. Record entry End of Period $ 47,000 20,300 34,400 $ 195,000 300,000 7,000…
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Please see picture. Required information Skip to question [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Beginning of period End of Period Raw materials $ 29,000 $ 59,000 Work in process 9,600 18,500 Finished goods 64,000 33,200 Cost incurred for the period Raw materials purchases $ 181,000 Factory payroll 150,000 Factory overhead (actual) Indirect materials used 16,000 Indirect labor used 34,500 Other overhead costs 91,500 Incurred other actual overhead costs (all paid in Cash). Applied overhead to work in process. Prepare journal entries for the above transactions for the period.
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