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Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Direct Raw Direct Materials Used Labor Job 1 Job 2 $1,300 2,300 3,200 $6,800 $2,200 3,900 1,900 $8,000 Job 3 Total Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5.200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. K. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Direct Raw Direct Materials Used Labor Job 1 Job 2 $1,300 2,300 3,200 $6,800 $2,200 3,900 1,900 $8,000 Job 3 Total Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5.200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. K. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.

FINANCIAL ACCOUNTING
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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Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Direct Materials Used $1,300 2,300 3,200 Labor $2,200 3,900 1,900 Job 1 Job 2 Job 3 Total $6,800 $8,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5,200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Comalat u
Transcribed Image Text:Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Direct Raw Direct Materials Used $1,300 2,300 3,200 Labor $2,200 3,900 1,900 Job 1 Job 2 Job 3 Total $6,800 $8,000 Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5,200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1. Comalat u
Req D CGM Sched Req D Inc Stmt Req D Bal Sheet Req A and C Prepare a schedule of cost of goods manufactured and sold for Year 1. MUNOZ MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available Raw materials used es Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold 2$ < Req A and C Req D
Transcribed Image Text:Req D CGM Sched Req D Inc Stmt Req D Bal Sheet Req A and C Prepare a schedule of cost of goods manufactured and sold for Year 1. MUNOZ MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available Raw materials used es Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available Cost of goods sold 2$ < Req A and C Req D
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