At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?

At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 Dr. Cost of goods sold, P384,000 Dr. Finished goods, P96,000 Dr. Work in process, P160,000 Dr. Raw Materials, P160,000 Dr. Case 1: any under- or over- applied overhead is considered material. What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?

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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4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
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PB7. Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased Raw materials, beginning inventory Raw materials, ending inventory Work in process, beginning inventory Work in process, ending inventory Estimated overhead $320,000 15,000 14,000 35,000 37,000 300,000 50,000 7,382 45,000 20,000 11,000 100,000 24,000 25,000 Depreciation of factory building Factory real estate taxes Factory utility expenses Indirect materials Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Compute the cost of goods manufactured.
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Knight Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (b) (a) Your answer is correct. Manufacturing overhead eTextbook and Media Determine the total amount of manufacturing overhead. $15,500 12,650 3,800 48,900 80,800 137,600 Product costs Determine the total amount of product costs. Save for Later Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising 8,000 Office supplies used 170350 $69,100 46,400 2,500 1,300 2,000 15,000 2,640 Attempts: 1 of 5 used Attempts: 0 of 5 used Submit Answer
4. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied as $16,500. Actual overhead incurred was $17,200. Prepare a journal entry to remove this difference from the factory overhead account assuming that it is not material.
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control, P20,000 dr. Cost of goods sold, P384,000 dr. Finished goods, P96,000 dr. Work in process, P160,000 dr. Raw materials, P160,000 dr. Case 1: any under- or over-applied overhead is considered immaterial. What is the adjusted balance of work in process inventory after disposing of the under-or over-applied overhead?
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