Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $59,700 and $54,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $88,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,500 at the end of 2016. If the under-or overapplied overhead is prorated between the Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration? (rounded answer)

Before prorating the manufacturing overhead costs at the end of 2016, the Cost of Goods Sold and Finished Goods Inventory had applied overhead costs of $59,700 and $54,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2016. During the year, manufacturing overhead costs of $88,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,500 at the end of 2016. If the under-or overapplied overhead is prorated between the Cost of Goods Sold and the inventory accounts, how much will be the Cost of Goods Sold after the proration? (rounded answer)

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Before prorating the manufacturing overhead costs at the end of 2020, the Cost of Goods Sold and Finished Goods Inventory accounts had applied overhead costs of $59,000 and $35,000 in them, respectively. There was no Work-in-Process at the beginning or end of 2020. During the year, manufacturing overhead costs of $89,000 were actually incurred. The balance in the Applied Manufacturing Overhead was $94,000 at the end of 2020. If the under or overapplied overhead is prorated between Cost of Goods Sold and the inventory accounts, how much will be allocated to the Finished Goods Inventory? (Rounded to the nearest whole dollar.)
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In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $750,000, and direct materials costs, $625,000. At year-end 2017, the company's records show that actual overhead costs for the year are $830,000. Actual direct material cost had been assigned to jobs as follows. Jobs completed and soldi Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost 1. Determine the predetermined overhead rate for 2017. 2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. View transaction list Req 1 Req 2 and 3 Prepare the adjusting entry to allocate any over- or…
Baltimore Manufacturing had a Work in Process balance of $64,000 on January 1, 2018. The year-end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $500,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
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Question: Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured?
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The following information was obtained from the records of Martinez Corporation during 2018. 1. Manufacturing overhead was applied at a rate of 175 percent of direct labor dollars. 2. Beginning value of inventory follows: a. Beginning Work in Process Inventory, $32,000. b. Beginning Finished Goods Inventory, $15,000. 3. During the period, Work in Process Inventory decreased by 25 percent and Finished Goods Inventory increased by 30 percent. 4. Actual manufacturing overhead costs were $105,000. 5. Sales were $750,000. 6. Adjusted Cost of Goods Sold was $325,000. Required: Use the preceding information to find the missing values in the following table: Item Direct Materials Used Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured Plus: Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment…