f. Income statement; cost of goods sold statement; factory overhead analysis. OuOctober 1, the accountant of Columbus Company prepared a trial balance from which thefollowing accounts were extracted:$9,8004,070Finished Goods (2,800 units)....Work in Process (1,200 units).....Materials and Supplies...........Buildings....................40,700................***********48,000Accumulated Depreciation-Buildings...******$ 6,000Machinery and Equipmen.................................Accumulated Depreciation-Machinery and Equipment........96,00037,500Office Equipment............………….….……..3,200Accumulated Depreciation Office Equipment........Accrued Payroll...1,000650

Income statement; cost of goods sold statement; factory overhead analysis. Ou October 1, the accountant of Columbus Company prepared a trial balance from which time following accounts were extracted: *********** $ 9,800 Finished Goods (2,800 units)....... Work in Process (1,200 units).... Materials and Supplies.... 4,070 40,700 Buildings............ 48,000 Accumulated Depreciation-Buildings... ******** $ 6,000 Machinery and Equipmen............................................... 96,000 ww Accumulated Depreciation-Machinery and Equipment... Office Equipment.............. 37,500 3,200 Accumulated Depreciation Office Equipment............ Accrued Payroll................ 1,000 < *********** ************* 650 ******

Income statement; cost of goods sold statement; factory overhead analysis. Ou October 1, the accountant of Columbus Company prepared a trial balance from which time following accounts were extracted: ***** $ 9,800 Finished Goods (2,800 units)....... Work in Process (1,200 units).... Materials and Supplies.... 4,070 40,700 Buildings............ 48,000 Accumulated Depreciation-Buildings... $ 6,000 Machinery and Equipmen............................................... 96,000 ww Accumulated Depreciation-Machinery and Equipment... Office Equipment.............. 37,500 3,200 Accumulated Depreciation Office Equipment............ Accrued Payroll................ 1,000 < * *** 650

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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The journal entry to record $1,500 of direct labor and $250 of indirect labor incurred will include debit(s) to the ________. A. Work−in−Process Inventory account for $1,500 and Manufacturing Overhead account for $250 B. Manufacturing Overhead account for $1,750 C. Finished Goods Inventory account for $1,750 D. Work−in−Process Inventory account for $1,500 and Finished Goods Inventory account for
Provide Answer with calculation and explanation
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. Sales ........... Raw materials inventory, beginning........... Raw materials inventory, ending. $910 $80 $20 $100 $130 $200 $160 Selling expenses.......... $140 Work in process inventory, beginning....... $40 Work in process inventory, ending....... $10 Finished goods inventory, beginning......... $130 Finished goods inventory, ending.... $150 The cost of goods sold for the year (in thousands of dollars) was: Purchases of raw materials.... Direct labor........... Manufacturing overhead. Administrative expenses........ O $670 O $500 $540 O $650
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Problem 3: Lederman Inc. has provided the following data for the month of April: Beginning $12,000 $27,000 Inventories Work in process... Finished goods.... Additional Information: Direct materials.. Direct labor costs.. Manufacturing overhead cost incurred...... Manufacturing overhead cost applied to WIP Required: a. Determine costs of goods manufactured for april b. Was the overhead underapplied or overapplied? By how much? $51,000 $91,000 Ending $16,000 $25,000 $60,000 $59,000
am.101.
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