1. Calculate under- or overapplied overhead for the year.2. Assuming that Sheffield closes under- or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Calculate adjusted cost of goods sold.3. Assuming that Sheffield prorates under- or overapplied overhead to the appropriate accounts, calculate the adjusted Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold balances for the year. Sheffield Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team'suniform is unique in color and design, Sheffield uses a job order costing system. On January 1, the T-accounts for some of Sheffield'sprimary balance sheet accounts were as follows:Raw Materials InventoryWork in Process Inventory1/159,4001/125,500Finished GoodsCash1/138,6001/137,200Accounts ReceivableAccounts Payable1/147,3001/141,900 During the year, the following events occurred:1.Sheffield purchased raw materials costing $113,000 on account.Sheffield used $149,300 of raw materials in production. Of these, 80% were classified as direct materials and 20% asindirect materials. (Sheffield maintains a single Raw Materials Inventory account.)2.Sheffield used 31,900 hours of direct labor. The company's average direct labor rate was $12 per hour (credit WagesPayable).3.4.The company's indirect labor cost was $168,000 (credit Wages Payable).5.Other manufacturing overhead costs the company incurred on account totaled $95,400.6.Sheffield applied $316,800 in manufacturing overhead.7.The company completed production of goods costing $837,200.8.The company's Cost of Goods Sold balance was $843,600 before adjusting for over- or underapplied overhead.9.Sales revenue was $1,040,000 (all sales were made on account).10. Sheffield collected $803,200 from customers.11. The company paid accounts payable of $201,300.12. At year-end, all wages earned during the year had been paid.

Name: 1. Calculate under- or overapplied overhead for the year.2. Assuming t
Uploaded: 2024-03-20T06:33:06.000Z
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Description: 1. Calculate under- or overapplied overhead for the year.2. Assuming that Sheffield closes under- or overapplied overhead to Cost of Goods Sold, calculate the cost of goods sold for the year. Calculate adjusted cost of goods sold.3. Assuming that She