Question 3 ,4 and 5 Question 1Far West Manufacturing Company operates a job-order costing system and appliesoverhead cost to jobs on the basis of direct material cost. Its predetermined overhead ratewas based on a cost formula that estimated $500,000 of manufacturing overhead for anestimated allocation base of $390,625 direct material dollars. The company has providedthe following data in the form of an Excel worksheet:Ending$55,000166,125138,000The following actual costs were incurred during the year:$450,000$119,000Beginning$38,00079,00047,000Raw MaterialsWork in ProcessFinished GoodsPurchase of raw materialsDirect labor costManufacturing overhead costs:Indirect materials104,875102,00035,00032,70041,00023,42549,000Insurance, factoryDepreciation of equipmentIndirect laborProperty taxesMaintenanceRent, buildingReapute the predetermined overhead rate for the year.pare a schedule of cost of goods manufactured for the year.Compute the amount of underapplied or overapplied overhead for the year.4. Prepare a schedule of cost of goods sold for the year. Adjust the underapplied oroverapplied overhead to cost of goods sold.5. Prepare all journal entries related to manufacturing overhead. Besides indirectmaterials, indirect labor and depreciation, all other costs are recorded as accountspayable.

Cost of goods sold The Calculation of cost of goods sold include beginning balance of raw material…

Rent, building 49,000 Rea pute the predetermined overhead rate for the year. pare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied or overapplied overhead for the year. 4. Prepare a schedule of cost of goods sold for the year. Adjust the underapplied or overapplied overhead to cost of goods sold. 5. Prepare all journal entries related to manufacturing overhead. Besides indirect materials, indirect labor and depreciation, all other costs are recorded as accounts payable.

Rent, building 49,000 Rea pute the predetermined overhead rate for the year. pare a schedule of cost of goods manufactured for the year. Compute the amount of underapplied or overapplied overhead for the year. 4. Prepare a schedule of cost of goods sold for the year. Adjust the underapplied or overapplied overhead to cost of goods sold. 5. Prepare all journal entries related to manufacturing overhead. Besides indirect materials, indirect labor and depreciation, all other costs are recorded as accounts payable.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

i did ask for a certain question to be resolved question 2b
Question 3. Define what is Riba & describe two types of Riba with example for each.
kau.3 answer must be in table format or i will give down vote
what are the solutions for questions 4 & 5?
can you explain why the answer for the third part is option number 2 from the selection of answers
Could you please answer question 4 and 5?
Answer each of the following independent question: a and b
C B A Question 2 Listen What is tane for the given triangle? 13 53 12 25 55 13 12 13 e
hrl.3 answer must be in proper format or i will give down vote
V5. Explain 5 reasons that can help you with the theory of descriptive decision-making during your undergraduate studies