ELLY MANUFACTURING COMPANY June 30, 2018 $ 27,000 Beginning Direct х Beginning Direct Materials Purchases of Direct Materials 56,000 84,000 Ending Direct Materials (20,000) х Direct Direct 44,000 - Manufacturing Overhead 180,000 Total Total Costs Costs (25,000) Ending ELLY MANUFACTURING COMPANY June 30, 2018 Net Sales Revenue х Cost of Goods Sold: Beginning, $ 110,000 Cost of Goods Ending Cost of Goods Sold 232,000 Gross Profit 258,000 Expenses: Selling Expenses 98,000 Administrative Expenses х Total 160,000 Income T1

Provide answers to the following just-in-time costing questions.     Just-in-Time Costing Question Just-in-Time Costing Answer When are the costs of products recorded?   Which inventory accounts are used?   Which accounts are used to record manufacturing costs?

The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.

Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2022, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. 2. 3. 4. 5. Purchased additional raw materials of $75,600 on account. Incurred factory labor costs of $58,800. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various…

The cost accountant prepares the cost of production summary by first collecting the period’s production costs from summaries of material requisitions, payroll, and factory overhead analysis sheets. True or False?

Bastille Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the factory overhead item and the total in USD b. Identify the period cost and the total in USD c. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be.

Journalize the entries to record the​ transactions, post to the Raw Materials Inventory​ account, and determine the ending balance in Raw Materials Inventory.