4 Lind Manufacturing had the following account balances as of January 1:Direct Materials InventoryWork in Process InventoryFinished Goods InventoryManufacturing OverheadDuring the month of January, all of the following occurred:$ 8,70076,50053,00001. Direct labor costs were $40,000 for 1,800 hours worked.2. Direct materials costing $27,000 and indirect materials costing $4,100 were purchased.3. Sales commissions of $16,500 were earned by the sales force.4. Direct materials of $23,000 were used in production.5. Miscellaneous selling and administrative costs of $6,300 were incurred.6. Factory supervisors earned salaries of $10,030.7. Indirect labor costs for the month were $3,000.8. Monthly depreciation on factory equipment was $4,500.9. Monthly utilities expenses of $5,225 were incurred in the factory.10. Completed units with manufacturing costs of $69,000 were transferred to finished goods.11. Monthly insurance costs for the factory were $4,200.12. Monthly property taxes on the factory of $5,000 were incurred and paid.13. Units with manufacturing costs of $96,161 were sold for $174,838.Required:a. If Lind assigns manufacturing overhead of $34,400, what will be the balances in the Direct Materials, Work in Process, and FinishedGoods Inventory accounts at the end of January?b. As of January 31, what will be the balance in the Manufacturing Overhead account?c. What was Lind's operating income for January?a. Direct materials inventorya. Work in process inventorya. Finished goods inventoryb. Manufacturing overheadc. Operating income

It is the income earned by an entity after incurring all the expenses. It is the net revenue left…

Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 0 During the month of January, all of the following occurred: 1. Direct labor costs were $40.000 for 1.800 hours worked.

Lind Manufacturing had the following account balances as of January 1: $ 8,700 76,500 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 53,000 0 During the month of January, all of the following occurred: 1. Direct labor costs were $40.000 for 1.800 hours worked.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter4: Accounting For Factory Overhead

Section: Chapter Questions

Problem 15E: The books of Petry Products Co. revealed that the following general journal entry had been made at...

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