Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers...
80.2K
Verified Solution
Link Copied!
Question
Accounting
Directions: Arrange the below accounts in the cost flow order, and determine the unknown numbers and the ending balances for each account. Close the overapplied or underapplied Factory Overhead to Cost of Goods Sold.
Finish goods inventory
Beginning Balance
95,000
Transferred In
Unknown
Transferred Out
1,325,000
Ending Balance
Unknown
Materials Inventory
Beginning Balance
45,000
Purchases
Unknown
Direct materials used
unknown
Indirect materials used
Unknown
Ending balance
204,200
Wages payable
Total Factory payroll
1760,000
Direct Labor
475,000
indirect labor
Unknown
Work in process Inventory
Beginning Balance
30,000
Direct Materials
315,000
Direct Labor
Unknown
Factory Overhead
Unknown
Transferred Out
2,200,000
Ending Balance
Unknown
Factory Overhead
Factory overhead is applied based on direct labor cost.
Estimated factory overhead
1,550,000
Estimated direct labor cost
500,000
Actual other factory overhead
12,600
Actual indirect materials used
75,800
Cost of Good Sold
Beginning Balance
318,500
Transferred In
Unknown
Ending Balance
Unknown
T-charts
Chapter 16 T Accounts
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
