Godo Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied orunderapplied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the following iinformation:Cost of Goods SoldFinished Goods Ending Inventory BalanceWork-in-Process Ending Inventory BalanceRaw Materials Ending Inventory BalanceTotal Actual Manufacturing Overhead CostTotal Applied Manufacturing Overhead CostDue to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating anyunderapplied or overapplied overhead to the appropriate accountsWork in Process InventoryAfter adjustment using the Prorated Method, what will the new account balances be in Work-in-Process Inventory. Finished GoodsInventory and Cost of Goods Sold?$120.980$99,940$42.080$39,000Cost of Goods Sold$116,000$101,000$Finished Goods Inventory $Adjusted Ending Amounts

The over or under applied overhead is calculated as the difference between actual and applied…

Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or underapplied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the follow information Cost of Goods Sold $120.980 Finished Goods Ending Inventory Balance $99,940 Work-in-Process Ending Inventory Balance $42.000 Raw Materials Ending Inventory Balance $39,000 Total Actual Manufacturing Overhead Cost $116.000 Total Applied Manufacturing Overhead Cost $101.000 Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any underapplied or over applied overhead to the appropriate accounts. After adjustment using the Prorated Method, what will the new account balances be in Work-in-Process Inventory, Finished Ge Inventory and Cost of Goods Sold? Work in Process Inventory S Finished Goods Inventory Adjusted Ending Amounts Cost of Goods Sold $ $

Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or underapplied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the follow information Cost of Goods Sold $120.980 Finished Goods Ending Inventory Balance $99,940 Work-in-Process Ending Inventory Balance $42.000 Raw Materials Ending Inventory Balance $39,000 Total Actual Manufacturing Overhead Cost $116.000 Total Applied Manufacturing Overhead Cost $101.000 Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any underapplied or over applied overhead to the appropriate accounts. After adjustment using the Prorated Method, what will the new account balances be in Work-in-Process Inventory, Finished Ge Inventory and Cost of Goods Sold? Work in Process Inventory S Finished Goods Inventory Adjusted Ending Amounts Cost of Goods Sold $ $

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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