FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect
materials used. Solve for direct materials used in the period.
2. Compute the cost of direct labor used for the period.
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used
(from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period.
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods
manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and
applied overhead. Solve for underapplied or overapplied overhead.
Complete this question by entering your answers in the tabs below.
Required 1 3 4
and 5
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period.
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of
goods manufactured in the period.
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any
under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
Beginning
Ending
Required 2
Beginning
Ending
Raw Materials Inventory
Finished Goods Inventory
Beginning
Ending
Beginning
Ending
Beginning
Ending
Beginning
< Required 1 3 4 and 5
Work in Process Inventory
Factory Overhead
Required 2 >
10,000
23,000
109,000
Beginning
Ending
Beginning
Show less A
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Transcribed Image Text:1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Complete this question by entering your answers in the tabs below. Required 1 3 4 and 5 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Beginning Ending Required 2 Beginning Ending Raw Materials Inventory Finished Goods Inventory Beginning Ending Beginning Ending Beginning Ending Beginning < Required 1 3 4 and 5 Work in Process Inventory Factory Overhead Required 2 > 10,000 23,000 109,000 Beginning Ending Beginning Show less A
The following information is available for ADT Company, which produces special-order security products and uses a job
order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.
Inventories
Raw materials
Work in process
Finished goods
Cost incurred for the period
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used
Indirect labor used
Other overhead costs
Beginning of
period
$ 41,000
9,800
54,000
Required 1 3 4
and 5
End of
Period
$ 37,000
19,700
35,000
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect
materials used. Solve for direct materials used in the period.
2. Compute the cost of direct labor used for the period.
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used
(from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period.
Required 2
$ 197,000
100,000
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods
manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and
applied overhead. Solve for underapplied or overapplied overhead.
10,000
23,000
109,000
Complete this question by entering your answers in the tabs below.
Cost of direct labor used
Compute the cost of direct labor used for the period.
The cost of direct labor for the period
< Required 1 3 4 and 5
Required 2 >
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Transcribed Image Text:The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs Beginning of period $ 41,000 9,800 54,000 Required 1 3 4 and 5 End of Period $ 37,000 19,700 35,000 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 2. Compute the cost of direct labor used for the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. Required 2 $ 197,000 100,000 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. 10,000 23,000 109,000 Complete this question by entering your answers in the tabs below. Cost of direct labor used Compute the cost of direct labor used for the period. The cost of direct labor for the period < Required 1 3 4 and 5 Required 2 >
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Follow-up Questions
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Follow-up Question
Complete this question by entering your answers in the tabs below.
Required 1 3 4
and 5
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period.
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of
goods manufactured in the period.
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any
under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
Beginning
Purchases
Ending
Beginning
Required 2
Ending
Raw Materials Inventory
41,000
197,000
37,000
Beginning
191,000 Direct materials
10,000 Indirect materials
Finished Goods Inventory
0
Ending
Beginning
Ending
Beginning
Direct materials
Direct labor
Overhead applied
Ending
Beginning
< Required 1 3 4 and 5
Work in Process Inventory
9,800
191,000
77,000
42,350
Required 2
19,700
Factory Overhead
>
10,000
23,000
109,000
142,000
Beginning
300,450 Cost of goods manufactured
Ending
Beginning
Show less
expand button
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 3 4 and 5 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Beginning Purchases Ending Beginning Required 2 Ending Raw Materials Inventory 41,000 197,000 37,000 Beginning 191,000 Direct materials 10,000 Indirect materials Finished Goods Inventory 0 Ending Beginning Ending Beginning Direct materials Direct labor Overhead applied Ending Beginning < Required 1 3 4 and 5 Work in Process Inventory 9,800 191,000 77,000 42,350 Required 2 19,700 Factory Overhead > 10,000 23,000 109,000 142,000 Beginning 300,450 Cost of goods manufactured Ending Beginning Show less
Required information
[The following information applies to the questions displayed below.]
The following information is available for ADT Company, which produces special-order security products and uses a job
order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.
Inventories
Raw materials
Work in process
Finished goods
Beginning of
period
$ 41,000
9,800
54,000
Cost incurred for the period
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used.
Indirect labor used
Other overhead costs
End of
Period
$ 37,000
19,700
35,000
$ 197,000
100,000
10,000
23,000
109,000
expand button
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used. Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Solution
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Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
Complete this question by entering your answers in the tabs below.
Required 1 3 4
and 5
1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period.
3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of
goods manufactured in the period.
4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any
under- or overapplied overhead).
5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
Beginning
Purchases
Ending
Beginning
Required 2
Ending
Raw Materials Inventory
41,000
197,000
37,000
Beginning
191,000 Direct materials
10,000 Indirect materials
Finished Goods Inventory
0
Ending
Beginning
Ending
Beginning
Direct materials
Direct labor
Overhead applied
Ending
Beginning
< Required 1 3 4 and 5
Work in Process Inventory
9,800
191,000
77,000
42,350
Required 2
19,700
Factory Overhead
>
10,000
23,000
109,000
142,000
Beginning
300,450 Cost of goods manufactured
Ending
Beginning
Show less
expand button
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 3 4 and 5 1. In the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. 3. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. 4. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). 5. In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead. Beginning Purchases Ending Beginning Required 2 Ending Raw Materials Inventory 41,000 197,000 37,000 Beginning 191,000 Direct materials 10,000 Indirect materials Finished Goods Inventory 0 Ending Beginning Ending Beginning Direct materials Direct labor Overhead applied Ending Beginning < Required 1 3 4 and 5 Work in Process Inventory 9,800 191,000 77,000 42,350 Required 2 19,700 Factory Overhead > 10,000 23,000 109,000 142,000 Beginning 300,450 Cost of goods manufactured Ending Beginning Show less
Required information
[The following information applies to the questions displayed below.]
The following information is available for ADT Company, which produces special-order security products and uses a job
order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost.
Inventories
Raw materials
Work in process
Finished goods
Beginning of
period
$ 41,000
9,800
54,000
Cost incurred for the period
Raw materials purchases
Factory payroll
Factory overhead (actual)
Indirect materials used.
Indirect labor used
Other overhead costs
End of
Period
$ 37,000
19,700
35,000
$ 197,000
100,000
10,000
23,000
109,000
expand button
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 55% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of period $ 41,000 9,800 54,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used. Indirect labor used Other overhead costs End of Period $ 37,000 19,700 35,000 $ 197,000 100,000 10,000 23,000 109,000
Solution
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