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HWF4 Ch 0 1 Havsten comowutes accort couting system on saruary 1, the beginning of the current yes, the company's memory balance were as follows kes steds 331, 512 M. The company overhead cost to jobs on the back of machine-hour: For the current year, the company estimated that it would work 37.000 machine.neurs and incut $448.000 manufacturing overhead cost The following transactions were recorded for the year Rates were purchased on account 5220.000 b. Rowers were requisitioned for use in produktion 5200,000 direct and ect. The following us were incurred for myee cervices Director terest Sales Com Arterte 34, 29. 119,00 10.00 d Heer power and water costs were incurred in the factory: $45.500 Presidurance expired uning the year 55.000 Bates to actory operations and 20% testoseling and de act Ang cotts were incurred $65.000 Depreciation was recorded for the yer $66.000 (75 to factory operations, and 25tes to selling and administrative active Manufacturing med cost was led to production. The company recorded 42.000 machine hours for the year Goods that 500,000 to manufacture according to the job cost sheets were transferred to the finished goods warehouse Sales for the year toe 5746 300 and were all on account. The total cost to manufacture those goods according to the cout Shirt was 45.000 Required Prepare umesto record the tragen above. Do not round Intermediate calculations. It ne entry is regulired for transaction event.cc "No Jountry reguired in the first account 1 W 90 2. Prepare T-accounts for inventores Manufacturing Overhead, and cost of Goods Sold Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Manufacturing Overhead Beg B Begal End Bal 0 End B Chef Goud Beg tal Beg Bat End B En la Finished to Beg ble End Bal 3.a. is manufacturing overhead underapplied or overapplied for the year? Undercolled overhead Ovenpoed overhead 3-0. Prepare a journal entry to properly chipose of any balance in the Manufacturing Overhead account. (Do not round Intermediate My come > Interview Tips for the How to Be a Good HWA CHUO 1 3.b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. Do not round intermediate calculations and round your final answers to a decimal perno entry is required for transaction event select "No journal entry required in the first accounted) BE View out we Journal entry worksheet > Record the entry to properly dispose of any balance in the Manufacturing Overhead acount. Geral Bebe ow Hear Cewendy View generatura 4. Prepare come statement for the Round intermediate calculations to nearest whole number) HAVIEN COMPANY Statement Fores See ode experts saved Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $21, eee $12, eee $31,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,000 machine-hours and incur $148,000 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account: $220,000 b. Raw materials were requisitioned for use in production: $200,000 (85% direct and 15% indirect). C. The following costs were incurred for employee services Direct Labour Indirect Inbour Sales comissions Administrative salaries $168,000 $ 29,00 $ 39,000 $ 84,000 d. Heat, power, and water costs were incurred in the factory: $46,500 e. Prepaid insurance expired during the year: $15.000 (80% relates to factory operations, and 20% relates to selling and administrative activities) Advertising costs were incurred, $55,000. g. Depreciation was recorded for the year $66,000 (75% relates to factory operations, and 25% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 42.000 machine hours for the year. Goods that cost $503,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. J. Sales for the year totalled $746,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $496,000 Required: 1. Prepare journal entries to record the transactions given above (Do not round Intermediate calculations. I no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transactions 2. Prepare T-accounts for inventories. Manufacturing Overhead, and cost of Goods Sold Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Raw Materials Manufacturing Overhead Beg Bal Beg Bat End Bal 0 End Bal Work in Process Cost of Goods Sold Beg Bal Beg Bal End B 0 End Bal Finished Goods Beg Bal End Ba HW14 Ch. 50 1 UV uvere 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account (Do not round Intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) 10 points Viewransaction lit Herference Journal entry worksheet > Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Nimer debite bore credits Event General Journal Dehli Crest Record only Clear entry View yea 4. Prepare an income statement for the year (Round Intermediate calculations to nearest whole number.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 Seling and administrative expenses HWF4 Ch 0 1 Havsten comowutes accort couting system on saruary 1, the beginning of the current yes, the company's memory balance were as follows kes steds 331, 512 M. The company overhead cost to jobs on the back of machine-hour: For the current year, the company estimated that it would work 37.000 machine.neurs and incut $448.000 manufacturing overhead cost The following transactions were recorded for the year Rates were purchased on account 5220.000 b. Rowers were requisitioned for use in produktion 5200,000 direct and ect. The following us were incurred for myee cervices Director terest Sales Com Arterte 34, 29. 119,00 10.00 d Heer power and water costs were incurred in the factory: $45.500 Presidurance expired uning the year 55.000 Bates to actory operations and 20% testoseling and de act Ang cotts were incurred $65.000 Depreciation was recorded for the yer $66.000 (75 to factory operations, and 25tes to selling and administrative active Manufacturing med cost was led to production. The company recorded 42.000 machine hours for the year Goods that 500,000 to manufacture according to the job cost sheets were transferred to the finished goods warehouse Sales for the year toe 5746 300 and were all on account. The total cost to manufacture those goods according to the cout Shirt was 45.000 Required Prepare umesto record the tragen above. Do not round Intermediate calculations. It ne entry is regulired for transaction event.cc "No Jountry reguired in the first account 1 W 90 2. Prepare T-accounts for inventores Manufacturing Overhead, and cost of Goods Sold Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Manufacturing Overhead Beg B Begal End Bal 0 End B Chef Goud Beg tal Beg Bat End B En la Finished to Beg ble End Bal 3.a. is manufacturing overhead underapplied or overapplied for the year? Undercolled overhead Ovenpoed overhead 3-0. Prepare a journal entry to properly chipose of any balance in the Manufacturing Overhead account. (Do not round Intermediate My come > Interview Tips for the How to Be a Good HWA CHUO 1 3.b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. Do not round intermediate calculations and round your final answers to a decimal perno entry is required for transaction event select "No journal entry required in the first accounted) BE View out we Journal entry worksheet > Record the entry to properly dispose of any balance in the Manufacturing Overhead acount. Geral Bebe ow Hear Cewendy View generatura 4. Prepare come statement for the Round intermediate calculations to nearest whole number) HAVIEN COMPANY Statement Fores See ode experts saved Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year, the company's inventory balances were as follows: Raw materials Work in process Finished goods $21, eee $12, eee $31,000 The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 37,000 machine-hours and incur $148,000 in manufacturing overhead cost. The following transactions were recorded for the year a. Raw materials were purchased on account: $220,000 b. Raw materials were requisitioned for use in production: $200,000 (85% direct and 15% indirect). C. The following costs were incurred for employee services Direct Labour Indirect Inbour Sales comissions Administrative salaries $168,000 $ 29,00 $ 39,000 $ 84,000 d. Heat, power, and water costs were incurred in the factory: $46,500 e. Prepaid insurance expired during the year: $15.000 (80% relates to factory operations, and 20% relates to selling and administrative activities) Advertising costs were incurred, $55,000. g. Depreciation was recorded for the year $66,000 (75% relates to factory operations, and 25% relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 42.000 machine hours for the year. Goods that cost $503,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. J. Sales for the year totalled $746,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $496,000 Required: 1. Prepare journal entries to record the transactions given above (Do not round Intermediate calculations. I no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transactions 2. Prepare T-accounts for inventories. Manufacturing Overhead, and cost of Goods Sold Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account Raw Materials Manufacturing Overhead Beg Bal Beg Bat End Bal 0 End Bal Work in Process Cost of Goods Sold Beg Bal Beg Bal End B 0 End Bal Finished Goods Beg Bal End Ba HW14 Ch. 50 1 UV uvere 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account (Do not round Intermediate calculations and round your final answers to 2 decimal places. If no entry is required for a transaction/event, select "No Journal entry required in the first account field.) 10 points Viewransaction lit Herference Journal entry worksheet > Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Nimer debite bore credits Event General Journal Dehli Crest Record only Clear entry View yea 4. Prepare an income statement for the year (Round Intermediate calculations to nearest whole number.) RAVSTEN COMPANY Income Statement For the Year Ended December 31 Seling and administrative expenses

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