The following information is available for a custom manufacturer Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods seld (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,200 12,600 8,950 95,490 83,400 100, 200 80% Costs incurred for the period Raw materials purchases, Direct materials used Direct labor used Factory overhead (actual). Indirect materials used Indirect labor used Other overhead costs. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. -Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. $ 18,660 43,650 23,000 9,500 16,600 4,500

The following information is available for a custom manufacturer Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods seld (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 38,200 12,600 8,950 95,490 83,400 100, 200 80% Costs incurred for the period Raw materials purchases, Direct materials used Direct labor used Factory overhead (actual). Indirect materials used Indirect labor used Other overhead costs. Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. -Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. $ 18,660 43,650 23,000 9,500 16,600 4,500

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 17E: Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the...

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For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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