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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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
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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 =
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
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Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200
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