Required: Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Transactions Beginning balances, January 1 (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs paid in cash (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Overapplied (underapplied) overhead Ending balances at January 31 Cash Raw Materials Work in Finished Manufacturing PP&E Process Overhead (net) Goods Retained Earnings
Required: Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) Transactions Beginning balances, January 1 (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs paid in cash (8) Depreciation on PP&E-manufacturing equipment (9) Depreciation on PP&E-selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Overapplied (underapplied) overhead Ending balances at January 31 Cash Raw Materials Work in Finished Manufacturing PP&E Process Overhead (net) Goods Retained Earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Required:
Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.)
Transactions
Beginning balances, January 1
(1) Raw materials purchased for cash
(2) Raw materials used in production (direct materials)
(3) Raw materials used in production (indirect materials)
(4) Direct labor paid in cash
(5) Indirect labor paid in cash
(6) Selling and administrative salaries paid in cash
(7) Factory utility costs paid in cash
(8) Depreciation on PP&E-manufacturing equipment
(9) Depreciation on PP&E-selling and administration
(10) Advertising expenses paid in cash
(11) Manufacturing overhead applied to production
(12) Cost of goods manufactured
(13) Cash sales
(14) Cost of goods sold
(15) Overapplied (underapplied) overhead
Ending balances at January 31
Cash
Raw Work in
Materials Process
Finished Manufacturing
Goods Overhead
PP&E
(net)
=
Retained
Earnings

Transcribed Image Text:Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any
overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below:
Assets:
Cash
Raw materials
Sandra Corporation
Balance Sheet
January 11
Work in process
Finished goods
Property, plant, and equipment (net)
Total assets
Liabilities and Stockholders' Equity:
Retained earnings
Total liabilities and stockholders' equity
$ 7,950
11,950
16,950
(5) Indirect labor paid in cash
(6) Selling and administrative salaries paid in cash
(7) Factory utility costs paid in cash
(8)
Depreciation on PP&E-manufacturing equipment
(9) Depreciation on PP&E-selling and administration
$ 17,950
Summaries of the transactions completed during January appear below:
(10) Advertising expenses paid in cash
(11) Manufacturing overhead applied to production
(12) Cost of goods manufactured
(13) Cash sales
(14) Cost of goods sold
(15) Overapplied (underapplied) overhead
36,850
218,950
$273,750
(1) Raw materials purchased for cash
(2) Raw materials used in production (direct materials)
(3) Raw materials used in production (indirect materials)
(4) Direct labor paid in cash
$273,750
$273,750
$ 81,950
$ 64,950
$ 10,475
$ 77,950
$ 21,950
$ 39,950
$ 15,950
$ 10,950
$ 3,950
$ 15,950
$ 60,850
$193,950
$297,000
$204,950
7
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