Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg. $30,200 Beg $26,500 Beg $0 +DM +DL $9,300 +Trans In. $63,400 +Sold $49,600 $15,500 -Sold $49,600 Unadjust $49,600 + MOH $42,500 End $40,300 -Trans Out $63,400 End $34,100 MOH Control $42,500 Applied Actual $25,750 (a) Based on the t-accounts, the amount of overhead that was mis- allocated was $16,500 (difference between applied and actual). This amount will be Credited to Manufacturing Overhead Control. (b) Use the Proration Method to allocate the $16,500 among the following accounts: Work in Process will be Debited $4,606 by Finished Goods will be Debited by $5,444 Cost of Goods Sold will be Debited $6,700 by

Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg. $30,200 Beg $26,500 Beg $0 +DM +DL $9,300 +Trans In. $63,400 +Sold $49,600 $15,500 -Sold $49,600 Unadjust $49,600 + MOH $42,500 End $40,300 -Trans Out $63,400 End $34,100 MOH Control $42,500 Applied Actual $25,750 (a) Based on the t-accounts, the amount of overhead that was mis- allocated was $16,500 (difference between applied and actual). This amount will be Credited to Manufacturing Overhead Control. (b) Use the Proration Method to allocate the $16,500 among the following accounts: Work in Process will be Debited $4,606 by Finished Goods will be Debited by $5,444 Cost of Goods Sold will be Debited $6,700 by

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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For a merchandising company, a product cost includes: a. Cost of merchandise goods purchased b. All of the given costs here. С. Cost of raw materials. O d. Cost of finished goods. O e. Cost of work-in-process. hp f6 10 fg fg f10 f12 prt sc de f7 & back 6 8 V Y K V P
Online i Entry (16) in the below T-account represents the cost of goods manufactured transferred from Finished Goods. Bal. (15) Bal. Finished Goods 40,000 (16) True 540,000 60,000 True or False False 520,000
The Work in Process Inventory account for DG Manufacturing folows. Compute the cost of jobs completed and transferred to Finshed Goods inventory Mrk in Precess Investery 4,900 47, se0 30,000 16, 200 Beginning WIP Direct naterials Direct labor Applied overhead To finished coods Ending WIP 9,700 The cost of jobs transterred to finished goods Multiple Choice S88,900 $96800
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WHAT IS THE TOTAL COST OF GOODS SOLD?
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Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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Subject : Accounting
The following are data on three promissory notes. Determine the missing amounts. (Round answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Date of Note Terms Maturity Date Principal (a) April 1 60 days May 31 $842,400 (b) July 2 30 days August 1 100,800 (c) March 7 6 months September 7 129,600 Annual Interest Rate 5 % $ Total Interest 6 ୫୫ 252,720 $504 10 % $ 2,365,200
(3)