Bobby's contracting creates individual pieces of interior design for clients. Each is different as they have different requirements and stylizing. Bobby is trying to sort out his pricing, and aims for a 35% margin on top of all costs. Manufacturing OH is allocated based on 20$ per DLHour and this rate is expected for the full financial period. 80 hours were spent on this job. There are no opening inventories, and the client is looking for a price quote... The boss told you not to worry about the opening or ending balances. Post the manufacturing entries in T-accounts provided for A) the end of year OH entry, B) movement of inventory, and C) revenue made in period of $500,000. Actual OH Work in Progress (WIP) $ 60,000 100,000 200,000 Finished Goods COGS $ 5,000 50,000 150,000 205,000 Budgeted OH Revenue 200,000 OH DM DL OH

Bobby's contracting creates individual pieces of interior design for clients. Each is different as they have different requirements and stylizing. Bobby is trying to sort out his pricing, and aims for a 35% margin on top of all costs. Manufacturing OH is allocated based on 20$ per DLHour and this rate is expected for the full financial period. 80 hours were spent on this job. There are no opening inventories, and the client is looking for a price quote... The boss told you not to worry about the opening or ending balances. Post the manufacturing entries in T-accounts provided for A) the end of year OH entry, B) movement of inventory, and C) revenue made in period of $500,000. Actual OH Work in Progress (WIP) $ 60,000 100,000 200,000 Finished Goods COGS $ 5,000 50,000 150,000 205,000 Budgeted OH Revenue 200,000 OH DM DL OH

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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