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plete this question by entering your answers in the tabs below. Req D CGM Sched Req D Inc Req D Bal Sheet and C Stmt e a schedule of cost of goods manufactured and sold for Year 1. LEHIGH MANUFACTURING CORPORATION ost of Goods Manufactured and Sold for Year 1 terials available terials used

plete this question by entering your answers in the tabs below. Req D CGM Sched Req D Inc Req D Bal Sheet and C Stmt e a schedule of cost of goods manufactured and sold for Year 1. LEHIGH MANUFACTURING CORPORATION ost of Goods Manufactured and Sold for Year 1 terials available terials used

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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Complete this question by entering your answers in the tabs below. Req D CGM Sched Req D Bal Sheet Req D Inc Req A and C Stmt Prepare a schedule of cost of goods manufactured and sold for Year 1. LEHIGH MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available Raw materials used 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 Inc Stmt >
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Req D CGM Sched Req D Bal Sheet Req D Inc Req A and C Stmt Prepare a schedule of cost of goods manufactured and sold for Year 1. LEHIGH MANUFACTURING CORPORATION Cost of Goods Manufactured and Sold for Year 1 Raw materials available Raw materials used 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 Inc Stmt >
Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 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 $ 2,800 4,000 6,000 $ 6,000 8,000 4,000 Job 1 Job 2 Job 3 Total $12,800 $18,000 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 $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. 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.
Transcribed Image Text:Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 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 $ 2,800 4,000 6,000 $ 6,000 8,000 4,000 Job 1 Job 2 Job 3 Total $12,800 $18,000 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 $20,000 cash. Lehigh paid $800 for selling and administrative expenses. Actual factory overhead was $11,300. 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.
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