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suvilis. a. Raw Materials Inventory. b. Work in Process Inventory. ...

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Question

Accounting

suvilis.
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Gcods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f. Selling, General, and Administrative Expenses.
g. Sales Revenue.
Determine how much gross profit the company would report during the month of January before any adjustment is made for the
overhead balance.
Determine the amount of over- underapplied overhead.
Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods
Sold.
Complete this question by entering your answers in the tabs below.
Required 1
Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts:
Note: Post all amounts separately. Do not combin(e)/(a)dd any dollar amounts when posting to the T-accounts.
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f. Selling, General, and Administrative Expenses.
g. Sales Revenue.
Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs.
Inventory balances at the beginning of the current year follow:
The following transactions occurred during January:
a. Purchased materials on account for $27,900.
b. Issued materials to production totaling $20,100,90 percent of which was traced to specific jobs and the remainder of which was
treated as indirect materials.
c. Payroll costs totaling $16,500 were recorded as follows:
$10,200 for assembly workers
$2,500 for factory supervision
$1,100 for administrative personnel
$2,700 for sales commissions
d. Recorded depreciation: $4,500 for factory machines, $1,100 for the copier used in the administrative office.
e. Recorded $1,800 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as
an administrative expense.
f. Paid $5,300 in other factory costs in cash.
g. Applied manufacturing overhead at a rate of 200 percent of direct labor cost.
h. Completed all jobs but one; the job cost sheet for the uncompleted job shows $2,200 for ditect materials, $2,100 for direct labor,
and $4,200 for applied overhead.
i. Sold jobs costing $50,900. The revenue earned on these jobs was $66,170.
Required:
Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following
accounts:
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventorv. 1. Soia jods costing \(\$ \supset u, y \cup u \). Ine revenue earned on these jods was \$ov,i/u.
Required:
1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts:
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f. Selling, General, and Administrative Expenses.
g. Sales Revenue.
2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance.
3. Determine the amount of over- or underapplied overhead.
4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold.
Complete this question by entering your answers in the tabs below.
Required 1
Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts:
Note: Post all amounts separately. Do not combine/add any dollar amounts when posting to the \( T \)-accounts.
a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead
f. Selling, General, and Administrative Expenses.
g. Sales Revenue. a. Raw Materials Inventory.
b. Work in Process Inventory.
c. Finished Goods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f. Selling, General, and Administrative Expenses.
g. Sales Revenue.
2. Determine how much gross profit the company would report during the month of January before any adjustment is made fo overhead balance.
3. Determine the amount of over- or underapplied overhead.
4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goo Sold.
Complete this question by entering your answers in the tabs below.
Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. c. Finished Gcods Inventory.
d. Cost of Goods Sold.
e. Manufacturing Overhead.
f. Selling, General, and Administrative Expenses.
g. Sales Revenue.
2. Determine how much gross profit the company would report during the month of January before any adjustment is ma overhead balance.
3. Determine the amount of over- or underapplied overhead.
4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adju
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