Determine the additions to the work-in-process inventory account for

Job no. 2077 was completed in January 20×2; there was no work in process at year-end. All jobs produced during 20×2 were sold with the exception of job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or overapplied overhead to Cost of Goods Sold.

 

1. Determine the company’s predetermined overhead application rate. (Omit the “%” sign in your response.)

2. Determine the additions to the Work-in-Process Inventory account for direct material used, direct labor, and manufacturing overhead. (Omit the “$” sign in your response.)

3. Compute the amount that the company would disclose as finished-goods inventory on  the December 31, 20×2, balance sheet. (Omit the “$” sign in your response.)

4. 

Prepare the journal entry needed to record the year’s completed production. (Omit the “$” sign in your response.)

 

General Journal Debit Credit
    
5. Compute the amount of under- or overapplied overhead at year-end, and prepare the necessary journal entry to record its disposition(Omit the “$” sign in your response.)
     $ Cost of goods manufactured     [removed]  
 
  Cost of goods sold   $[removed]  
 


7. Would it be appropriate to include selling and administrative expenses in either Manufacturing overhead or cost of goods sold? yes or no

  • Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on …

  • Complete exercise 2-28 and problem 3-46 in the textbook.

    Prepare your responses in Excel with each problem on a separate tab.

  • P3-46 Finlon Upholstery, Inc. uses a job order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried …

  • Exercise 2-28
    Consider the following costs that were incurred during the current year:
    1. Tire costs incurred by Ford Motor Company.
    2. Sales commissions paid to the sales force of Dell Inc.
    3. Wood glue …

  • 2-28.

    Consider the following costs that were incurred during the currentyear:

    1. Tire costs incurred by Ford Motor Company.

    2. Sales commissions paid to the sales force of Dell Inc.

    3. Wood …

  • Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s

    work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on

    the …

  • Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s
    work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on
    the …

  • Exercise 2-28
    Consider the following costs that were incurred during the current year:
    1. Tire costs incurred by Ford Motor Company.
    2. Sales commissions paid to the sales force of Dell Inc.
    3. Wood glue …

  • Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was carried on …

  • EX. 3-46
    Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s
    work-in-process on December 31, 20×1, consisted of one job (no. 2077), which was …

The post Determine the additions to the work-in-process inventory account for appeared first on Australia Assessments.

Our writing company helps you enjoy campus life. We have committed and experienced tutors and academic writers who have a keen eye in writing papers related to Business, Management, Marketing, History, English, Media studies, Literature, nursing, Finance, Medicine, Archaeology, Accounting, Statistics, Technology, Arts, Religion, Economics, Law, Psychology, Biology, Philosophy, Sociology, Political science, Mathematics, Engineering, Ecology etc.

Need Custom Written Paper?

-Plagiarism free

-Timely delivery