70.2K

Verified Solution

Link Copied!

please help me solve problems 1-4

O ACTION- za medication.com/index.html?con condemnat bowershop ONCHOS Exces Problem Help Save the Check my web Gold Nest Company or Cuandong, China, is a family owned enterprise that makes blocages for the South China meet the company sels es bedcages through an extensive network of street vendors who receive commissions on the sales The company ses job-order costing system in which overhead is applied to jobs on the basis of vector cost predetermine overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of 45.000 direct labor dolor. At the beginning of the year the inventory balances were as follows tercol work to Finished 110,400 14.000 19.00 During the yer the following transactions were completed Raw materials purchased on account $162.000 b. Raw materials used in production, $143.000 materials costing $120,000 were charged directly to jobs themaning rules were indirect costs for employee services were incurred as follows Direct Indirect lobo Salecos Astro 157,000 24,000 21.00 PIEV of 6 Next > TIAM A 400 2001 5 e to each COM CHOReches & Problems Hetere d. Rent for the year 10.000 (503,300 of wount related to factory operations, and the remandented to send administrative cities e Udity costs incurred in the factory, 510.000 Advertising costs incurred, $14,000 o Depreciation recorded on equipment 521000 (516,000 of this amount related to equipment used factory on the remaining $5,000 related to equipment used in selling and administrative activities Manufacturing overhead cost was applied to jobs, Goods that had cost $229,000 to manufacture according to the job cost sheets were completed Sales for the year (all paid in casi totaled $507.000. The total cost to manufacture these goods according to the cost the was $218.000 Required: 1 Prepare journal entries to record the transactions for the year 2. Prepare T-accounts for each inventory account Manufacturing Overhead and Cost of Goods Sold Post relevant data from you journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts 3A I Manufacturing Overhead underapplied or overapplied for the year? 3B Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold 4 Prepare an income statement for the year. All of the information needed for the income statements in the journal and T-accounts you have prepared Complete this question by entering your answers in the lates below. Next > POV 16 ! TOM 40 9 E 'search

Answer & Explanation Solved by verified expert

See Answer