FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Capital Gain
Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that ba…
Question

Please answer 16-17.

Air Star, Inc., which uses a job-costing system, began business on January 1, 2019 and applies manufacturing overhead on the basis of direct-labor cost. The following information relates to 2019: Budgeted direct labor and manufacturing overhead were anticipated to be 200,000 and 250,000, respectively Job nos. 1, 2, and 3 were begun during the year and had the following charges for direct material and direct labor: Job # Direct Materials Direct Labor 1 145,000.00 35,000.00 2 320,000.00 65,000.00 3 55,000.00 80,000.00 Job nos. 1 and 2 were completed and sold on account to customers at a profit of 60% of cost. Job no. 3 remained in production Actual manufacturing overhead by year-end totaled 233,000. Rock Star adjusts all under- and overapplied overhead to cost of goods sold. 13. Compute the company's predetermined overhead application rate. 14. Compute Rock Star's ending work-in-process inventory 15. Determine Rock Star's sales revenue 16. Was manufacturing overhead under- or overapplied during 2019? By how much 17. Present the necessary journal entry to handle under- or overapplied manufacturing overhead at year-end
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Transcribed Image Text:Air Star, Inc., which uses a job-costing system, began business on January 1, 2019 and applies manufacturing overhead on the basis of direct-labor cost. The following information relates to 2019: Budgeted direct labor and manufacturing overhead were anticipated to be 200,000 and 250,000, respectively Job nos. 1, 2, and 3 were begun during the year and had the following charges for direct material and direct labor: Job # Direct Materials Direct Labor 1 145,000.00 35,000.00 2 320,000.00 65,000.00 3 55,000.00 80,000.00 Job nos. 1 and 2 were completed and sold on account to customers at a profit of 60% of cost. Job no. 3 remained in production Actual manufacturing overhead by year-end totaled 233,000. Rock Star adjusts all under- and overapplied overhead to cost of goods sold. 13. Compute the company's predetermined overhead application rate. 14. Compute Rock Star's ending work-in-process inventory 15. Determine Rock Star's sales revenue 16. Was manufacturing overhead under- or overapplied during 2019? By how much 17. Present the necessary journal entry to handle under- or overapplied manufacturing overhead at year-end
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