ed Company provided the inventory balances and manufacturing cost data for the month o January below: Inventories January 1 P 30,000 15,000 65,000 January 31 P 40,000 20,000 50,000 Direct materials Work in process Finished goods Factory overhead applied Cost of goods manufactured Direct materials used Month of January P150,000 515,000 190,000 Actual factory overhead 144,000 Under Jared's cost system, any over- and underapplied overhead is closed to the cost c goods sold account at the end of the calendar year. What would cost of goods sold be under- or overapplied overhead were closed to cost of goods sold?

ed Company provided the inventory balances and manufacturing cost data for the month o January below: Inventories January 1 P 30,000 15,000 65,000 January 31 P 40,000 20,000 50,000 Direct materials Work in process Finished goods Factory overhead applied Cost of goods manufactured Direct materials used Month of January P150,000 515,000 190,000 Actual factory overhead 144,000 Under Jared's cost system, any over- and underapplied overhead is closed to the cost c goods sold account at the end of the calendar year. What would cost of goods sold be under- or overapplied overhead were closed to 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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Similar questions

Saved Green Cabinets is a custom cabinet builder. They recently completed a set of kitchen cabinets (Job Number 1478), as summarized below. Job Number:1478 Datn Started: 4/07/20xB Date Completedi 4/22/20x8 Description:Cherry kitchen cabinets Applied Manufacturing Overhead Rate Direct Materials Direct Labor Amount Hours Amount Reg. No 385 Amount Ticket Hours $ 370 295 $345 634 216 128 15 391 130 27 395 135 133 401 275 Total $1,075 Total 50 $1,196 Cost Summary Direct Material Cost Direct Labor Cost $1,075 1,196 Applied Manufacturing Overhead Total Cost Green Cabinets applies overhead to jobs at a rate of $14 per direct labor hour. (a) How much overhead would be applied to Job Number 1478? Applied Manufactunng Overhead (b) What is the total cost of Job Number 1478?
Why are overhead costs allocated to products and not traced to products as direct materials and direct labor are?
Why might a company price goods below costs?
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Manufacturing overhead is not : A manufacturing cost . An indirect cost . A period cost. о A product cost.
How much is total cost of goods manufactured?
the costs transferred to finished goods inventory are called ?
When overhead is overapplied, is the balance of Cost of Goods Sold, before adjustment, too low ortoo high? Why?
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