c) Calculate the balance in ending work in process and cost of goods soldbefore any adjustments forunder- or overallocated overhead.d) Calculate the ending balances in work in process and cost of goods sold ifthe under- or overallocatedoverhead amount is as follows:i. Written off to cost of goods soldProration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Soldii. 1.Sophie. Company prints custom training material forcorporations. Thebusiness was started January 1, 2014. The company uses a normal-costingsystem. It hastwo direct cost pools, materials and labor, and one indirect costpool, overhead. Overhead is charged toprinting jobs on the basis of Machinehours. The following information is available for 2014.Budgeted direct labor costs .Budgeted overhead costsBudgeted direct labor HourBudgeted machine HoursCosts of actual material used .$225,000..$315,00031,500.63,000„$148,500„$213,500„$302,000......Actual direct labor costs (29,500 Hrs)....Actual overhead costsActual machine Hours30000There were two jobs in process on December 31, 2014: Job 11 and Job 12. Costsadded to each job as of December 31 are as follows:Direct materialsDirect labor MOH AppliedJob 11$4,870$5,910$5,100$6,800$7,030$9,290Job 12Boris.Company has no finished goods inventories because all printing jobs aretransferred to cost of goodssold when completed.

Name: c) Calculate the balance in ending work in process and cost of goods
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Description: c) Calculate the balance in ending work in process and cost of goods soldbefore any adjustments forunder- or overallocated overhead.d) Calculate the ending balances in work in process and cost of goods sold ifthe under- or overallocatedoverhead amou

Overhead cost allocation: It is the process of allocating the estimated overhead of a company to its…

Business

Accounting

c) Calculate the balance in ending work in process and cost of goods sold before any adjustments forunder- or overallocated overhead. d) Calculate the ending balances in work in process and cost of goods sold if the under- or overallocatedoverhead amount is as follows: i. Written off to cost of goods sold ii. Proration based on ending balances (before proration) in Work-in- Process Control, Finished Goods Control, and Cost of Goods Sold

c) Calculate the balance in ending work in process and cost of goods sold before any adjustments forunder- or overallocated overhead. d) Calculate the ending balances in work in process and cost of goods sold if the under- or overallocatedoverhead amount is as follows: i. Written off to cost of goods sold ii. Proration based on ending balances (before proration) in Work-in- Process Control, Finished Goods Control, and Cost of Goods Sold

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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Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Product B, which sells for $800 per unit, using three different activities: Design, which uses Engineering Hours as an activity driver; Machining, which uses machine hours as an activity driver; and Inspection, which uses number of batches as an activity driver. The cost of each activity and usage of the activity drivers are as follows: Usage by Product A Usage by Product B Cost Design (Engineering Hours) Machining (Machine Hours) Inspection (Batches) $ 190,000 $1,800,000 $ 160,000 108 142 2,160 2,840 42 38 Atlanta manufactures 12,500 units of Product A and 10,200 units of Product B per month. Each unit of Product A uses $100 of direct materials and $45 of direct labor, while each unit of Product B uses $140 of direct materials and $75 of direct labor. Required: a. Calculate the activity rate for design. Rate for Design per hour b. Calculate the activity rate for machining. Rate for Machining…
n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
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Subject: acounting
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9. The entry to record a transfer of direct materials for use in production would include a debit to which account? O finished goods inventory O materials inventory O work-in-process inventory O cost of goods manufactured
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 6,000 units, 25% completed Direct materials, 141,000 units @ $2.1 Direct labor 15,300 To Finished Goods, 138,000 units 296,100 194,700 75,765 ? Factory overhead Bal. 2 units, 65% completed Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount box does not require an entry, leave it blank. Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Fquivalent