Q5-32 The following T account balances are taken from Forester Corp. Manufacturing Overhead 395,000 Finished Goods 55,000 Required: Prepare the journal entry to allocate the under or over applied MOH Round your answer to the nearest dollar 400,000 Work in Process Cost of Goods Sold 35,000 550,000

Q5-32 The following T account balances are taken from Forester Corp. Manufacturing Overhead 395,000 Finished Goods 55,000 Required: Prepare the journal entry to allocate the under or over applied MOH Round your answer to the nearest dollar 400,000 Work in Process Cost of Goods Sold 35,000 550,000

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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E5-6. Computing Unit Cost LO5 The records of Burris Inc. reflect the following data: Work in process, beginning of month-2,000 units one-half completed at a cost of $1,250 for materials, $675 for labor, and $950 for overhead. Production costs for the month-materials, $99,150; labor, $54,925; factory overhead, $75,050. Units completed and transferred to stock-38,500. Work in process, end of month-3,000 units, one-half completed. Compute the month's unit cost for each element of manufacturing cost and the total per unit cost.
2 Baruch Company has two processing departments: Assembly and Finishing. During the month of March, the company recorded the following: Finishing Department (Second department) costs: Work-in-process inventory, March 1, 400 units Costs transferred in during the month from the Assembly Department, Materials cost added during the month Conversion costs incurred during the month Total Cost S A. B. C. D. E. None of the above S $ S $ 232 EUS 250 EUS 265 EUS 1,500 EUS 5.000 * *Consists of cost transferred in, $1,500; materials cost, $2,300; and conversion cost, $1,200. Finishing Department units are assigned to: Units completed and transferred out to finished goods: Work-in-process inventory, March 31: 12.000 17.000 19,500 53,500 The beginning work-in-process inventory contained 400 physical units; The conversion costs for the units completed and transferred out was $19,200. Find the number of equivalent units (EUs) in the ending inventory for conversion cost. 3.200 units units ???
ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
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Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
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