Assume that prior to period-end adjustments, Latonya Company reported Cost of Goods Sold of $15,000, and Sales of $85,000. If Latonya Company had underapplied manufacturing overhead of $5,000, what amoun income statement, after adjustments? O $75,000 O $80,000 O $65,000 O $85,000
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- Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.LO2 Prepare adjusting entries at December 31 for J P Company based on the following data. (a) Factory overhead is applied at a rate of 75% of direct labor costs. At the end of the year, the direct labor costs associated with the jobs in process totaled 8,000. (b) A physical count of factory supplies at the end of the year shows that 4,920 of factory supplies were used during the year. (c) Depreciation expense for the year on the factory building was 8,700 and on factory equipment was 11,600, a total of 20,300. (d) The factory overhead account has a debit balance of 186,500 and a credit balance of 183,900 [after recording adjustments (a) through (c)].Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
- What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.ADJUSTING ENTRIES INCLUDING ADJUSTMENT FOR UNDERAPPLIED/OVERAPPLIED FACTORY OVERHEAD Prepare the December 31 adjusting journal entries for Keiser Company. Data are as follows: (a) Factory overhead is applied at a rate of 80% of direct labor costs. At the end of the year, the direct labor costs associated with the jobs still in process totaled 7,000. (b) A physical count of factory supplies at the end of the year shows that 3,750 of factory supplies were used during the year. (c) A review of the insurance policy files shows that 4,360 of insurance on the factory building and equipment has expired. (d) Depreciation expense for the year on the factory building was 9,400 and on factory equipment was 11,600, a total of 21,000. (e) The factory overhead account has a debit balance of 146,700 and a credit balance of 143,200 [after recording adjustments (a) through (d)]. Use Cost of Goods Sold for this adjustment. Was factory overhead underapplied or overapplied for the year?
- Richie Manufacturing had underapplied overhead of $42,000 in 20X0. Before adjusting for overapplied or underapplied overhead, the ending inventories for direct materials, WIP, and finished goods were $71,000, $161,000, and $138,000, respectively. Unadjusted cost of goods sold was $276,000. 1. Assume that the $42,000 was written off solely as an adjustment to cost of goods sold. Compute the adjusted cost of goods sold. 2. Management has decided to prorate the $42,000 to the appropriate accounts (using the unadjusted ending balances) instead of writing it off solely as an adjustment of cost of good sold. Would gross profit be highter or lower than in requirement 1? By how much?Richie Manufacturing had underapplied overhead of $42,000 in 20X0. Before adjusting for overappied or underapplied overhead, the ending inventories for direct materials, WIP, and finished goods were $71,000, $161,000, and $138,000 repectively. Unadjusted cost of goods sold was $276,000. 1. Assume that the $42,000 was written off solely as an adjustment to cost of goods sold. Compute the adjusted cost of goods sold. 2. Management has decided to prorate the $42,000 to the appropriate accounts (using the unadjusted ending balances) instead of writing it off solely as an adjustment of cost of goods sold. Would gross profit be igher or lower than in requirement 1? By how much?At the end of the year, overhead applied was $3,675,000. Actual overhead was $3,498,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.increase by $177,000 b.increase by $354,000 c.decrease by $354,000 d.decrease by $177,000