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Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Work in Process Finished Manufacturing Goods Overhead Transactions Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 Cash Raw Materials PP&E (net) 11 |||| Accounts Retained Payable Earnings

Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Work in Process Finished Manufacturing Goods Overhead Transactions Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 Cash Raw Materials PP&E (net) 11 |||| Accounts Retained Payable Earnings

FINANCIAL ACCOUNTING
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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Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity $ 3,750 15,150 19,150 $ 10,150 Indirect labor paid in cash Selling and administrative salaries paid in cash Factory utility costs (on account) 38,050 229,150 $277,350 Summaries of the transactions completed during October appear below: (6) (7) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales. (14) Cost of goods sold (15) Cash payments to creditors. (16) Overapplied (underapplied) overhead $ 15,075 262,275 $277,350 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) $ 66,150 $ 50,150 $ 7,075 $ 95,150 $ 25,150 $30,150 $ 12,150 $ 10,150 $ 2,075 $ 15,150 $57,450 $196,150 $272,000 $205,150 $ 81,150 ?
Transcribed Image Text:Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash Raw materials Work in process Finished goods Property, plant, and equipment (net) Total assets Liabilities and Stockholders' Equity: Accounts payable Retained earnings Total liabilities and stockholders' equity $ 3,750 15,150 19,150 $ 10,150 Indirect labor paid in cash Selling and administrative salaries paid in cash Factory utility costs (on account) 38,050 229,150 $277,350 Summaries of the transactions completed during October appear below: (6) (7) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales. (14) Cost of goods sold (15) Cash payments to creditors. (16) Overapplied (underapplied) overhead $ 15,075 262,275 $277,350 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) $ 66,150 $ 50,150 $ 7,075 $ 95,150 $ 25,150 $30,150 $ 12,150 $ 10,150 $ 2,075 $ 15,150 $57,450 $196,150 $272,000 $205,150 $ 81,150 ?
a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. Complete this question by entering your answers in the table below. Required A Required B Required C Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Finished Work in Process Goods Transactions Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 Cash Raw Materials Manufacturing Overhead PP&E (net) = = = = = = =[ = |=| =[ = Accounts Retained Payable Earnings =
Transcribed Image Text:a. Complete the spreadsheet below. b. Prepare a Schedule of Cost of Goods Sold for the company for October. c. Prepare an Income Statement for the company for October. Complete this question by entering your answers in the table below. Required A Required B Required C Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Finished Work in Process Goods Transactions Beginning balances, October 1 (1) Raw materials purchased on account (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs (on account) (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Cash payments to creditors (16) Overapplied (underapplied) overhead Ending balances at October 31 Cash Raw Materials Manufacturing Overhead PP&E (net) = = = = = = =[ = |=| =[ = Accounts Retained Payable Earnings =
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