Problem 17-16A Flow of Cost Through Departments to Completion Required: Using the itemized data below,illustrate...
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Accounting
Problem 17-16A Flow of Cost Through Departments to Completion Required: Using the itemized data below,illustrate the flow of dollars through the manufacturing process on the Flow Chart 1. Purchased Materials of $400,000 2. Materials placed into production: a. Direct-$410,000 b. Indirect-$ 20,000 3. Labor used: a. Direct 25,000 hours at $20 per hour b. Indirect- 15% of direct labor 4. Factory Overhead: a. Additional actual cost-$370,000 b. Applied-90% of Direct Labor 5. Work in Process Inventory-1t Department- Mixing - Transferred to Packaging $1,400,000 6. Work in Process Inventory 2nd Department-Packaging - Transferred to Finished Goods Inventory $ $1,360,000 7, Goods sold cost $1,250,000; sold on account for 250% of cost 8. Compute following: a. Gross Profit on Sales b. Under or over appliation
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