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PROBLEM 3-16 Comprehensive Problem L03-10, L03-20, L03-42 Gold Nest Company of Guandong, China, is a family-owned...

Question:

PROBLEM 3-16 Comprehensive Problem L03-10, L03-20, L03-42 Gold Nest Company of Guandong, China, is a family-owned enterpriseh. Manufacturing overhead cost was applied to jobs, $_?. i. Goods that had cost $675,000 to manufacture according to their jo

PROBLEM 3-16 Comprehensive Problem L03-10, L03-20, L03-42 Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $330,000 of manufacturing overhead for an estimated activity level of $200.000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materials $25,000 Work in process $10,000 Finished goods $40,000 During the year, the following transactions were completed: a. Raw materials purchased for cash, $275,000. b. Raw materials used in production, $280,000 (materials costing $220,000 were charged directly to jobs, the remaining materials were indirect). c. Cash paid to employees as follows: Direct labor Indirect labor Sales commissions Administrative salaries $180,000 $72,000 $63,000 $90,000 d. Cash paid for rent during the year was $18,000 ($13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Cash paid for utility costs in the factory, $57,000. f. Cash paid for advertising, $140,000. g. Depreciation recorded on equipment, $100,000. ($88,000 of this amount related to equipment used in factory operations, the remaining $12,000 related to equipment used in selling and administrative activities.)
h. Manufacturing overhead cost was applied to jobs, $_?. i. Goods that had cost $675,000 to manufacture according to their job cost sheets were completed. j. Sales for the year (all paid in cash) totaled $1,250,000. The total cost to manufacture these goods according to their job cost sheets was $700,000.

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Part 1
Event Account Debit Credit
a Raw material inventory $       275,000
     Accounts Payable $       275,000
b Work in process inventory $       220,000
Factory Overhead $         60,000
     Raw material Inventory $       280,000
c Work in process inventory $       180,000
Factory Overhead $         72,000
Sales Commission $         63,000
Administrative Salaries $         90,000
     Wages Payable $       405,000
d Factory Overhead $         13,000
Rent Expense-Selling $           5,000
     Accounts Payable $         18,000
e Factory Overhead $         57,000
     Cash $         57,000
f Advertising Expense $       140,000
     Cash $       140,000
g Factory Overhead $         88,000
Depreciation Expense-Selling $         12,000
     Accumulated Depreciation $       100,000
h Work in process inventory $       297,000
     Factory Overhead $       297,000
$330,000/$200,000*$180,000
i Finished Goods Inventory $       675,000
     Work in process inventory $       675,000
j Cash $   1,250,000
     Sales $   1,250,000
Cost of goods sold $       700,000
     Finished Goods Inventory $       700,000
.

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