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Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or under applied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the following information: Cost of Goods Sold $120,980 Finished Goods Ending Inventory Balance $99.940 Work-in-Process Ending Inventory Balance $42.000 Raw Materials Ending Inventory Balance $39,000 Total Actual Manufacturing Overhead Cost $116,000 Total Applied Manufacturing Overhead Cost $101.000 Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any underapplied or over applied 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 S Finished Goods Inventory Adjusted Ending Amounts Cost of Goods Sold $ $

Michelle Sanchez was recently hired as a financial consultant at Vandelay Industries. Vandelay eliminates any overapplied or under applied manufacturing overhead by using the "Prorated Method." For the most recent year, Vandelay recorded the following information: Cost of Goods Sold $120,980 Finished Goods Ending Inventory Balance $99.940 Work-in-Process Ending Inventory Balance $42.000 Raw Materials Ending Inventory Balance $39,000 Total Actual Manufacturing Overhead Cost $116,000 Total Applied Manufacturing Overhead Cost $101.000 Due to the severe shortage of Cost Accountants, Michelle was asked to assist the Accounting Department in allocating any underapplied or over applied 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 S Finished Goods Inventory Adjusted Ending Amounts Cost of Goods Sold $ $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $
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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