1. Weldin Inc. has provided the following data for the month...

90.2K

Verified Solution

Question

Accounting

1.

Weldin Inc. has provided the following data for the month of October. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

Work in Process

Finished Goods

Cost of Goods Sold

Total

Direct materials

$

7,590

$

19,800

$

35,240

$

62,630

Direct labor

8,810

24,700

44,200

77,710

Manufacturing overhead

12,000

18,600

29,400

60,000

Total

$

28,400

$

63,100

$

108,840

$

200,340

Manufacturing overhead for the month was underapplied by $3,400.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Required:

Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold. (Omit the "$" sign in your response.)

General Journal

Debit Credit

Evener Inc. has provided the following data for the month of July. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

Work in Process Finished Goods Cost of Goods Sold Total
Direct materials $ 3,900 $ 11,900 $ 51,600 $ 67,400
Direct labor 3,400 14,300 66,400 84,100
Manufacturing overhead 5,720 8,840 37,440 52,000
Total $ 13,020 $ 35,040 $ 155,440 $ 203,500

Manufacturing overhead for the month was overapplied by $6,400.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Required:

Determine the cost of work in process, finished goods, and cost of goods sold AFTER allocation of the underapplied or overapplied overhead for the period. (Round your intermediate calculations to nearest whole number. Omit the "$" sign in your response.)

Cost
Work in process $
Finished goods
Cost of goods sold
Total $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students