The WIP account given below relates to the activities of Jones Ltd for the month of April:WIP Inventory A/C$15,000 To Finished Goods123,000April1 BalDirect Materials UsedDirect Labour IncurredManufacturing Overhead AppliedAdditional data:Manufacturing Labour Costs incurred..Manufacturing Overhead Rate.Actual Manufacturing Overhead Costs for April??O a. 138,000O b. 119,775Oc. 204,775O d. 200,000$163,500 (75% represents direct labour)120% of direct labour cost$165,150?Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on accountat a mark-up of 50% on cost.After these transactions have been recorded, the balance in WIP inventory account at April 30 is:

The direct costs incurred and overhead applied are debited to work in process account. the finished…

The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C $15,000 To Finished Goods 123,000 April1 Bal. Direct Materials Used Direct Labour Incurred Manufacturing Overhead Applied Additional data: Manufacturing Labour Costs incurred. Manufacturing Overhead Rate. Actual Manufacturing Overhead Costs for April ? ? $163,500 (75% represents direct labour) 120% of direct labour cost $165,150 ? Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After thone

The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C $15,000 To Finished Goods 123,000 April1 Bal. Direct Materials Used Direct Labour Incurred Manufacturing Overhead Applied Additional data: Manufacturing Labour Costs incurred. Manufacturing Overhead Rate. Actual Manufacturing Overhead Costs for April ? ? $163,500 (75% represents direct labour) 120% of direct labour cost $165,150 ? Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After thone

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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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 56,000 ? $ 38,000 Income Statement The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule Ending $ 37,000 $ 25,000 ? Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.…
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