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Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead LO P1, P2, P3, P4 The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,000 12,400 8,750 95,290 83,200 100,000 80% Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. $ 18,460 43,250 22,800 9,300 16,400 4,300

Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead LO P1, P2, P3, P4 The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,000 12,400 8,750 95,290 83,200 100,000 80% Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. $ 18,460 43,250 22,800 9,300 16,400 4,300

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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Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead LO P1, P2, P3, P4 The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used Required 1 Required 2 $ 38,000 12,400 8,750 95, 290 0 83,200 100,000 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Finished Goods Inventory 80% 0 Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs < Required 1 Work in Process Inventory Required 2 > 0 $ 18,460 43,250 22,800 9,300 16,400 4,300
Transcribed Image Text:Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead LO P1, P2, P3, P4 The following information is available for a custom manufacturer. Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used Required 1 Required 2 $ 38,000 12,400 8,750 95, 290 0 83,200 100,000 1. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Finished Goods Inventory 80% 0 Costs incurred for the period Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs < Required 1 Work in Process Inventory Required 2 > 0 $ 18,460 43,250 22,800 9,300 16,400 4,300
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