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 Beginning Purchases 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. Ending Beginning Ending Raw Materials Inventory 38,000✔ ✓ ✔ 18,460 $ 38,000 12,400 8,750 95,290 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. ✓ 3,910 83,200 100,000 80% Finished Goods Inventory ✔ 8,750✔ ✓ 20,840 Costs incurred for the period. Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) 43.250✔ Direct materials 9,300 Indirect materials Indirect materials used Indirect labor used Other overhead costs 95,290✔ 83.200✔ Cost of goods sold ✓ X Answer is not complete. ✓ Beginning Direct materials Direct labor Overhead applied Ending < Required 1 ✔ ✓ ✓ ✓ ✓ Work in Process Inventory 12,400✓✔ 43,250✔ 22,800✔ 34,600✔ 17.760 Required 2 > $ 18,460 43,250 22,800 9,300 16,400 4,300 95,290✔ Cost of goods manufactured
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 Beginning Purchases 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. Ending Beginning Ending Raw Materials Inventory 38,000✔ ✓ ✔ 18,460 $ 38,000 12,400 8,750 95,290 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. ✓ 3,910 83,200 100,000 80% Finished Goods Inventory ✔ 8,750✔ ✓ 20,840 Costs incurred for the period. Raw materials purchases Direct materials used Direct labor used Factory overhead (actual) 43.250✔ Direct materials 9,300 Indirect materials Indirect materials used Indirect labor used Other overhead costs 95,290✔ 83.200✔ Cost of goods sold ✓ X Answer is not complete. ✓ Beginning Direct materials Direct labor Overhead applied Ending < Required 1 ✔ ✓ ✓ ✓ ✓ Work in Process Inventory 12,400✓✔ 43,250✔ 22,800✔ 34,600✔ 17.760 Required 2 > $ 18,460 43,250 22,800 9,300 16,400 4,300 95,290✔ Cost of goods manufactured
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Also, for Required part 2 the answer is "Overapplied
Transcribed Image Text: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
Beginning
Purchases
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.
Ending
Beginning
Ending
$ 38,000
12,400
8,750
95,290
✓
83,200
100,000
Complete the T-accounts for each of the three inventory accounts using the data provided in the above table.
Raw Materials Inventory
✓
38,000✔
18,460
✓✔ 3,910
80%
20,840
Costs incurred for the period
Raw materials purchases
Direct materials used
Direct labor used
Factory overhead (actual)
43.250✔ Direct materials
9.300✓ Indirect materials
Indirect materials used
Indirect labor used.
Other overhead costs.
Finished Goods Inventory
✓
8,750✔
95,290✔ 83,200✔ Cost of goods sold
✔
✔
X Answer is not complete.
✓
Beginning
Direct materials
Direct labor
Overhead applied
Ending
< Required 1
✓
✓
✓
✓
✓
Work in Process Inventory
12,400✔
43.250
22,800✔
34,600✔
17,760
Required 2 >
$18,460
43,250
22,800
9,300
16,400
4,300
95.290 Cost of goods manufactured
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