Finished Goods (2,800 units)...Work in Process (1,200 units)...S., Income statement; cost of goods sold statement; factory overhead anaiysis.October 1, the accountant of Columbus Company prepared a trial balance trom wihicis tieFinished Goods (2,800 units)..$ 9,800Materials and Supplies. .Buildings.. ..Accumulated Depreciation-Buildings..Machinery and Equipment. ..i. .Accumulated Depreciation-Machinery and Equipment .Office Equipment..Accumulated Depreciation-Office Equipment...Accrued Payroll.4,07040,70048,000............$ 6,00096,00037,500.........3,2001,000650

(1) Income Statement For Month Ended October 31(COLUMBUS COMPANY) Particulars…

Answered: ber 1, the ing accounts were extracted:…

ber 1, the ing accounts were extracted: shed Goods (2,800 units).. Ished Goods (2,800 units)... k in Process (1,200 units).. cerials and Supplies. . dings...

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

Finished Goods (2,800 units)...
Work in Process (1,200 units)...
S., Income statement; cost of goods sold statement; factory overhead anaiysis.
October 1, the accountant of Columbus Company prepared a trial balance trom wihicis tie
Finished Goods (2,800 units)..
$ 9,800
Materials and Supplies. .
Buildings.. ..
Accumulated Depreciation-Buildings..
Machinery and Equipment. ..i. .
Accumulated Depreciation-Machinery and Equipment .
Office Equipment..
Accumulated Depreciation-Office Equipment...
Accrued Payroll.
4,070
40,700
48,000
............
$ 6,000
96,000
37,500
.........
3,200
1,000
650

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The journal entry to issue $700 of direct materials and $80 of indirect materials to production involves debit(s) to the O A. Manufacturing Overhead account for $780 OB. Work-in - Process Inventory account for $700 and Manufacturing Overhead account for $80 O C. Work-in - Process Inventory account for $780 O D. Work-in - Process Inventory account for $700 and Finished Goods Inventory account for $80
Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured $ (1) 105,200 84,200 200,200 $ (2) 150,200 $ 22,200 $ 138,200 (3) 217,200 32,200 $ 237,200
Ef 13.
PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold