n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period.Compute the cost of direct labor used for the period.In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period.In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead).In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Required informationUse the following information to answer questions. (Algo)[The following information applies to the questions displayed below.]The following information is available for ADT Company, which produces special-order security products and uses a joborder costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.InventoriesRaw materialsWork in processFinished goodsBeginning ofperiodCost incurred for the periodRaw materials purchasesFactory payrollFactory overhead (actual)$ 41,0009,20050,000Indirect materials usedIndirect labor usedOther overhead costsEnd of Period$ 42,00020,70033,700$ 176,000150,0008,00034,500117,500Exercise 15-12 (Algo) Computing materials, labor, overhead, and cost of goods manufactured LO P1, P2,P3, P4 Required 1 3 4and 5Beginning1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials use3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2goods manufactured in the period.4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods :under- or overapplied overhead).5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or ovEndingBeginningrRequired 2Raw Materials Inventory0Finished Goods InventoryBeginningEndingBeginningBeginningEndingBeginningWork in Process Inventory0Factory Overhead8,00021 500BeginningEndingBeginning

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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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n the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period.
Compute the cost of direct labor used for the period.
In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period.
In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead).
In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.

Required 1 3 4
and 5
Beginning
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials use
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2
goods manufactured in the period.
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods :
under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or ov
Ending
Beginning
r
Required 2
Raw Materials Inventory
0
Finished Goods Inventory
Beginning
Ending
Beginning
Beginning
Ending
Beginning
Work in Process Inventory
0
Factory Overhead
8,000
21 500
Beginning
Ending
Beginning

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