FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- The following accounts are from last year's books at Sharp Manufacturing: Balance (a) (b) (c) (d) Debit Debit Raw Materials Multiple Choice e (b) 174,000 16,000 Manufacturing Overhead 24,000 (e) 28,000 160,000 $8,000 underapplied $8,000 overapplied $28,000 underapplied Credit $28,000 overapplied Credit 158,000 Balance (b) (c) (e) 220,000 (g) 8,000 Debit Debit Work In Process 0 (f) 134,000 172,000 220,000 0 Cost of Goods Sold 480,000 Credit Credit 526,000 Balance (f) Debit Finished Goods Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the manufacturing overhead overapplied or underapplied for the year? 526,000 46,000 (g) Credit 480,000arrow_forward3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…arrow_forward10. A review of a company's Work-in-Process Inventory account found a debit for materials of P67,000. If all procedures were performed in the correct manner, this means that the firm: also recorded a credít to Manufacturing Supplies Inventory. a. b. was accounting for the usage of direct materials. was accounting for the usage of indirect materials. d. was accounting for the' usage of direct materials by also crediting the Raw-Material Inventory account. с.arrow_forward
- Wildhorse Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process $6800 23600 $52200. $126900. $120100. $96500. 44300 Finished goods Prepaid insurance 8100 52200 What amount should Wildhorse report as inventories in its balance sheet?arrow_forwardA. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of costs during the period from Material Inventory throughly Cost of Goods sold.arrow_forwardPlease do not give solution in image format thankuarrow_forward
- Online i Entry (16) in the below T-account represents the cost of goods manufactured transferred from Finished Goods. Bal. (15) Bal. Finished Goods 40,000 (16) True 540,000 60,000 True or False False 520,000arrow_forwardPlease explain how you get the amount, quantity and unit price.arrow_forwardPlease do not give solution in image formatarrow_forward
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