Cherry Cotta makes custom ordered clay pots for residential gardens. Below is cost information regarding its latest job.
a Materials were purchased on account.
b A materials requisition form shows an amount of materials required for this job, of which were used for general use.
c A labor time sheet shows the following.
d The additional list below shows costs incurred.
e At the beginning of the year, overhead costs and workload was estimated. Direct Labor hours drives the cost of overhead.
Required:
Complete the TAccounts below.
Note: When calculating amounts below, use the total in the TAccounts.
Determine the Cost of Goods Manufactured.
Cost of Goods Manufactured
Create a journal entry to dispose of the OverUnderapplied Overhead.
Determine the Cost of Goods Sold after disposing of the OverUnderapplied Overhead.
Cost of Goods Sold
Determine the Gross Profit for the month.
Gross Profit
