|Event||Account titles and explanation||Debit||Credit|
|a.||Raw Materials Inventory||$255000|
|(To record materials purchased)|
|b.||Work in Process Inventory||$240000|
|Raw Materials Inventory||$240000|
|(To record direct materials used in production)|
|c.||Manufacturing Overhead ($70000*95%)||$66500|
|Utilities Expense ($70000*5%)||$3500|
|(To record utilities bills incurred on account)|
|d.||Work in Process Inventory||$285000|
|Salaries and Wages Payable ($285000+101000+165000)||$551000|
|(To record salary and wages incurred)|
|(To record maintenance costs incurred on account)|
|(To record advertising costs incurred on account)|
|g.||Manufacturing Overhead ($83000*80%)||$66400|
|Depreciation Expense ($83000*20%)||$16600|
|Accumulated Depreciation : Equipment||$83000|
|(To record depreciation expense)|
|h.||Manufacturing Overhead ($108000*85%)||$91800|
|Rent Expense ($108000*15%)||$16200|
|(To record rent incurred on account)|
|i.||Work in Process Inventory ($370*1085)||$401450|
|(To record manufacturing overhead applied)|
|j.||Finished Goods Inventory||$880000|
|Work in Process Inventory||$880000|
|(To record work in process transferred to finished goods)|
|(To record sales on account)|
|Cost of Goods Sold||$910000|
|Finished Goods Inventory||$910000|
|(To record cost of goods sold)|
Predetermined overhead rate= Estimated manufacturing overhead/Estimated direct labor hours
= $373700/1010= $370 per direct labor hour
|Raw materials inventory||Work in process inventory|
|Beg. bal.||$41000||240000||(b)||Beg. bal.||$32000||880000||(j)|
|Finished goods inventory||End. bal.||$78450|
|(d)||165000||Salaries and wages payable|
|Accumulated depreciation- Equipment|
|Cost of goods sold|
|Schedule of Cost of Goods Manufactured|
|Beginning raw materials inventory||$41000|
|Add: Purchase of raw materials||255000|
|Total raw materials available for use||296000|
|Less: Ending raw materials inventory||-56000|
|Direct materials used in production||$240000|
|Manufacturing overhead applied||401450|
|Total manufacturing costs||926450|
|Add: Beginning work in process inventory||32000|
|Total cost of work in process||958450|
|Less: Ending work in process inventory||-78450|
|Cost of goods manufactured||$880000|
4-A) Actual manufacturing cost= $66500+101000+65000+66400+91800= $390700
Overapplied or underapplied overhead= Actual manufacturing cost-Applied manufacturing costs
= $390700-401450= $10750 overapplied
|Event||Account titles and explanation||Debit||Credit|
|Cost of goods sold||$10750|
|(To record overapplied manufacturing overhead close to cost of goods sold)|
|Schedule of Cost of goods sold|
|Beginning finished goods inventory||$71000|
|Add: Cost of goods manufactured||880000|
|Cost of goods available for sale||951000|
|Less: Ending finished goods inventory||-41000|
|Unadjusted cost of goods sold||910000|
|Less: Overapplied overhead||-10750|
|Adjusted cost of goods sold||899250|
|Less: Cost of goods sold||-899250|
|Less: Selling and administrative expenses|
|Total selling and administrative expenses||-348300|
|Net operating income||$502450|
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