Required:Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.)TransactionsBeginning 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) overheadEnding balances at January 31CashRaw Work inMaterials ProcessFinished ManufacturingGoods OverheadPP&E(net)=RetainedEarnings Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out anyoverapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below:Assets:CashRaw materialsSandra CorporationBalance SheetJanuary 11Work in processFinished goodsProperty, plant, and equipment (net)Total assetsLiabilities and Stockholders' Equity:Retained earningsTotal liabilities and stockholders' equity$ 7,95011,95016,950(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$ 17,950Summaries 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) overhead36,850218,950$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$204,9507

An accounting worksheet is a statement or document that is used within the entity for accounting…

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

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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