FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or
underapplied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the following i
information:
Cost of Goods Sold
Finished Goods Ending Inventory Balance
Work-in-Process Ending Inventory Balance
Raw Materials Ending Inventory Balance
Total Actual Manufacturing Overhead Cost
Total Applied Manufacturing Overhead Cost
Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any
underapplied or overapplied overhead to the appropriate accounts
After adjustment using the Prorated Method, what will the new account balances be in Work-in-Process Inventory, Finished Goods
Inventory and Cost of Goods Sold?
Work in Process Inventory
$120,980
$99,940
$42,080
$39,000
$116,000
$101,000
Cost of Goods Sold
Adjusted Ending Amounts
$
Finished Goods Inventory $
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Transcribed Image Text:Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or underapplied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the following i information: Cost of Goods Sold Finished Goods Ending Inventory Balance Work-in-Process Ending Inventory Balance Raw Materials Ending Inventory Balance Total Actual Manufacturing Overhead Cost Total Applied Manufacturing Overhead Cost Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any underapplied or overapplied overhead to the appropriate accounts After adjustment using the Prorated Method, what will the new account balances be in Work-in-Process Inventory, Finished Goods Inventory and Cost of Goods Sold? Work in Process Inventory $120,980 $99,940 $42,080 $39,000 $116,000 $101,000 Cost of Goods Sold Adjusted Ending Amounts $ Finished Goods Inventory $
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