GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials):Selling expensesPurchases of raw materialsDirect laborAdministrative expenses$211,000$257,000$ 20,000$153,000Manufacturing overhead applied to work in process $365,000$342,000Actual manufacturing overhead costGIGRIC314's inventory balances at the beginning and end of the year were as follows:ID#18929)Beginning End ofof YearYearRaw materialsWork in processFinished goods$ 60,000$ 25,000$ 38,000$ 33,000$ 44,000For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000.The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold.Q.) How much was the GIGRIC314 company's sales revenue for the year?Multinle ChoiceNext >< Prev21 of 25MacBook Air%24

Overapplied overhead = Overhead applied - Actual overhead = $365,000 - $342,000 = $23,000 Adjusted…

GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365, 000 Direct labor Administrative expenses Actual manufacturing overhead cost $342,000 GIGRIC314's inventory balances at the beginning and end of the year were as follows: (ID#18929) Beginning End of of Year $ 60,000 $ 25,000 $ ? Year $ 38,000 $ 33,000 $ 44,000 Raw materials Work in process Finished goods For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q) How much was the GIIGRIC314 company's sales revenue for the year?

GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365, 000 Direct labor Administrative expenses Actual manufacturing overhead cost $342,000 GIGRIC314's inventory balances at the beginning and end of the year were as follows: (ID#18929) Beginning End of of Year $ 60,000 $ 25,000 $ ? Year $ 38,000 $ 33,000 $ 44,000 Raw materials Work in process Finished goods For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q) How much was the GIIGRIC314 company's sales revenue for the year?

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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