Determine the additions to the work-in-process inventory account for
Job no. 2077 was completed in January 20×2; there was no work in process at year-end. All jobs produced during 20×2 were sold with the exception of job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or overapplied overhead to Cost of Goods Sold.
1. Determine the company’s predetermined overhead application rate. (Omit the “%” sign in your response.)
2. Determine the additions to the Work-in-Process Inventory account for direct material used, direct labor, and manufacturing overhead. (Omit the “$” sign in your response.)
3. Compute the amount that the company would disclose as finished-goods inventory on the December 31, 20×2, balance sheet. (Omit the “$” sign in your response.)
4.
| Prepare the journal entry needed to record the year’s completed production. (Omit the “$” sign in your response.) |
| General Journal | Debit | Credit | ||||||||||||||||||||
7. Would it be appropriate to include selling and administrative expenses in either Manufacturing overhead or cost of goods sold? yes or no |
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Managerial Accounting
NOT RATED
EX. 3-46
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s
work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was …
8 years ago -
ACC = Exercise 2-28 and Exercise 3-46
NOT RATED
Exercise 2-28
Consider the following costs that were incurred during the current year:
1. Tire costs incurred by Ford Motor Company.
2. Sales commissions paid to the sales force of Dell Inc.
3. Wood glue …8 years ago -
Job-Order Costing; Focus on Manufacturing Overhead
NOT RATED
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s
work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on
the …7 years ago -
E2-28 and P3-46
NOT RATED
E2-28 and P3-46
2-28 Consider the following costs that were incurred during the current year
P3-46 Finlon Upholstery, Inc
2-28 Consider the following costs that were incurred during …
6 years ago -
Finlon Upholstery, Inc. uses a job order costing system
NOT RATED
P3-46 Finlon Upholstery, Inc. uses a job order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried …
6 years ago -
Accounting Exercise 2-28 and 3-46
NOT RATED
2-28.
Consider the following costs that were incurred during the currentyear:
1. Tire costs incurred by Ford Motor Company.
2. Sales commissions paid to the sales force of Dell Inc.
3. Wood …
5 years ago -
Job-Order Costing; Focus on Manufacturing Overhead
NOT RATED
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s
work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on
the …
7 years ago -
Finlon
NOT RATED
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on …
2 years ago -
Finlon Upholstery, Inc
NOT RATED
Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on …
2 years ago