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Applying Integrated Excel: Manufacturing cost flows The T-accounts below summarize a manufacturer's production activity for the year: Factory Wages Payable Debit Credit 149,000 Raw Materials Inventory Debit Credit 52,500 Factory Overhead 12,800 53,000 72,600 Debit 32,000 12,800 Credit Required: Compute the following: 134,400 96,000 53,000 Finished Goods Inventory Credit Debit 210,000 168,000 Work in Process Inventory Debit Credit • Direct materials used • Indirect materials used • Direct labor used • Indirect labor used • Cost of goods manufactured • Cost of goods sold (before closing over-or underapplied overhead) • Actual overhead incurred • Overhead applied • The amount of over-or underapplied overhead • Indicate whether overhead is over- or underapplied. • Cost of goods sold (after closing over-or underapplied overhead) Navigation: 1. Use the Open Excel in New Tab button to launch this question. 32,000 96,000 134,400 210,000

Applying Integrated Excel: Manufacturing cost flows The T-accounts below summarize a manufacturer's production activity for the year: Factory Wages Payable Debit Credit 149,000 Raw Materials Inventory Debit Credit 52,500 Factory Overhead 12,800 53,000 72,600 Debit 32,000 12,800 Credit Required: Compute the following: 134,400 96,000 53,000 Finished Goods Inventory Credit Debit 210,000 168,000 Work in Process Inventory Debit Credit • Direct materials used • Indirect materials used • Direct labor used • Indirect labor used • Cost of goods manufactured • Cost of goods sold (before closing over-or underapplied overhead) • Actual overhead incurred • Overhead applied • The amount of over-or underapplied overhead • Indicate whether overhead is over- or underapplied. • Cost of goods sold (after closing over-or underapplied overhead) Navigation: 1. Use the Open Excel in New Tab button to launch this question. 32,000 96,000 134,400 210,000

FINANCIAL ACCOUNTING
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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Applying Integrated Excel: Manufacturing cost flows The T-accounts below summarize a manufacturer's production activity for the year: Factory Wages Payable Debit Credit 149,000 Raw Materials Inventory Debit Credit 52,500 Factory Overhead 12,800 53,000 72,600 Debit 32,000 12,800 Credit 134, Required: Compute the following: , 400 96,000 53,000 Finished Goods Inventory Debit Credit 210,000 168,000 Work in Process Inventory Debit Credit • Direct materials used ● Indirect materials used ● Direct labor used ● Indirect labor used ● Cost of goods manufactured ● Cost of goods sold (before closing over-or underapplied overhead) • Actual overhead incurred • Overhead applied 32,000 96,000 134,400 210,000 • The amount of over-or underapplied overhead • Indicate whether overhead is over- or underapplied. ● Cost of goods sold (after closing over-or underapplied overhead) Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
Transcribed Image Text:Applying Integrated Excel: Manufacturing cost flows The T-accounts below summarize a manufacturer's production activity for the year: Factory Wages Payable Debit Credit 149,000 Raw Materials Inventory Debit Credit 52,500 Factory Overhead 12,800 53,000 72,600 Debit 32,000 12,800 Credit 134, Required: Compute the following: , 400 96,000 53,000 Finished Goods Inventory Debit Credit 210,000 168,000 Work in Process Inventory Debit Credit • Direct materials used ● Indirect materials used ● Direct labor used ● Indirect labor used ● Cost of goods manufactured ● Cost of goods sold (before closing over-or underapplied overhead) • Actual overhead incurred • Overhead applied 32,000 96,000 134,400 210,000 • The amount of over-or underapplied overhead • Indicate whether overhead is over- or underapplied. ● Cost of goods sold (after closing over-or underapplied overhead) Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.
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