Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory BB (11/1) 36,000 126,000 95,000 Work-In-Process Inventory BB (11/1) 66,000 Labor 50,000 Finished Goods Inventory BB (11/1) 86,000 186,000 126,000 Cost of Goods Sold Manufacturing Overhead Control 84,000 Applied Manufacturing Overhead Additional information for November follows: Labor wage rate was $20 per hour. Manufacturing overhead is applied at $28 per direct labor-hour. During the month, sales revenue was $300,000, and selling and administrative costs were $54,000. This company has no indirect materials or supplies. Required: a. What cost amount of direct materials was issued to production during November? Direct materials b. How much manufacturing overhead was applied to products during November? Manufacturing overhead c. What was the cost of products completed during November? Cost of products completed d. What was the balance of the Work-in-Process Inventory account at the end of November? Ending balance e. What was the over- or underapplied manufacturing overhead for November? Overapplied manufacturing overhead f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Operating profit (loss)
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows. Materials Inventory BB (11/1) 36,000 126,000 95,000 Work-In-Process Inventory BB (11/1) 66,000 Labor 50,000 Finished Goods Inventory BB (11/1) 86,000 186,000 126,000 Cost of Goods Sold Manufacturing Overhead Control 84,000 Applied Manufacturing Overhead Additional information for November follows: Labor wage rate was $20 per hour. Manufacturing overhead is applied at $28 per direct labor-hour. During the month, sales revenue was $300,000, and selling and administrative costs were $54,000. This company has no indirect materials or supplies. Required: a. What cost amount of direct materials was issued to production during November? Direct materials b. How much manufacturing overhead was applied to products during November? Manufacturing overhead c. What was the cost of products completed during November? Cost of products completed d. What was the balance of the Work-in-Process Inventory account at the end of November? Ending balance e. What was the over- or underapplied manufacturing overhead for November? Overapplied manufacturing overhead f. What was the operating profit (loss) for November? Any over- or underapplied overhead is written off to Cost of Goods Sold. Operating profit (loss)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Exercise 7-25 (Algo) Assigning Costs to Jobs (LO 7-2, 3)
Partially completed T-accounts and additional information for Cardinals, Inc., for the month of November appear as follows.
| Materials Inventory | |||
| BB (11/1) | 36,000 | ||
| 126,000 | 95,000 |
| Work-In-Process Inventory | |||
| BB (11/1) | 66,000 | ||
| Labor | 50,000 |
| Finished Goods Inventory | |||
| BB (11/1) | 86,000 | ||
| 186,000 | 126,000 |
| Cost of Goods Sold | |||
| Manufacturing |
|||
| 84,000 |
| Applied Manufacturing Overhead | |||
Additional information for November follows:
- Labor wage rate was $20 per hour.
- Manufacturing overhead is applied at $28 per direct labor-hour.
- During the month, sales revenue was $300,000, and selling and administrative costs were $54,000.
- This company has no indirect materials or supplies.
Required:
a. What cost amount of direct materials was issued to production during November?
|
b. How much manufacturing overhead was applied to products during November?
|
c. What was the cost of products completed during November?
|
d. What was the balance of the Work-in-Process Inventory account at the end of November?
|
e. What was the over- or underapplied manufacturing overhead for November?
|
f. What was the operating
|
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