The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:DebitBeginning BalanceDebitBeginning BalanceDebitBeginning BalanceDebitDebitDebitRaw Materials4,8505,050Work in Process3,9506,0508,3508,150Finished Goods2,05022,050Manufacturing Overhead2,6503,3503,050Cost of Goods SoldCredit20,250CreditCreditWages & Salaries PayableCredit20,250 Beginning BalanceCreditCredit8,70022,05020,2508,1502,35011,700 The manufacturing overhead was:Multiple ChoiceO$900 overapplied$3,050 underapplied$900 underapplied$3,050 overapplied

Manufacturing overheads are the cost related to the production but not directly attributable to the…

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit Beginning Balance Debit Debit Debit Raw Materials 4,850 5,050 Work in Process 3,950 6,050 8,350 8,150 Finished Goods 2,050 22,050 Cost of Goods Sold Credit 20,250 Credit Manufacturing Overhead 2,650 3,350 3,050 Wages & Salaries Payable Credit 20,250 Beginning Balance Credit Credit Credit 8,700 22,050 20, 250 8,150 2,350 11,700

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit Beginning Balance Debit Debit Debit Raw Materials 4,850 5,050 Work in Process 3,950 6,050 8,350 8,150 Finished Goods 2,050 22,050 Cost of Goods Sold Credit 20,250 Credit Manufacturing Overhead 2,650 3,350 3,050 Wages & Salaries Payable Credit 20,250 Beginning Balance Credit Credit Credit 8,700 22,050 20, 250 8,150 2,350 11,700

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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The following accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Credit Balance (a) 0 (b) 174,000 16,000 158,000 Balance e (f) 526,000 (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000 M
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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
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