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HNI Corporation started operations this year. As the year went on, they compiled the following nformation on jobs worked (these are the only jobs for the year): Job# 561 562 563 564 Direct Materials $1,761 $2,604 $1,464 $1,958 Direct Labor Labor hours $1,198 $1,771 $1,084 $1,175 30 44 26 32 Ending balance of Work in process account otal Sales Ending balance of Finished goods account HNI Corporation determined at the beginning of the year that $23 per Labor hour would be an ppropriate POHR. As it turns out, throughout the year, overhead incurred totaled $2,641. Over or Under applied overhead is always considered to be immaterial and necessary steps hould be taken to close the Overhead account prior to answering the questions below. Job Status Not Complete Not Complete Complete and not sold Complete and sold Make the necessary calculations to determine the following items for the year just ended (round o the nearest whole dollar/input code: 0): Ending balance of Overhead account after closing overhead Total Cost of goods sold after closing overhead Gross profit as reported on the Income Statement Over/Underapplied overhead (enter overapplied as a ositive number and underapplied as a negative number) $ $ $ Sales Price when sold $ $7,408 $10,936 $6,387 $7,855 $ $

HNI Corporation started operations this year. As the year went on, they compiled the following nformation on jobs worked (these are the only jobs for the year): Job# 561 562 563 564 Direct Materials $1,761 $2,604 $1,464 $1,958 Direct Labor Labor hours $1,198 $1,771 $1,084 $1,175 30 44 26 32 Ending balance of Work in process account otal Sales Ending balance of Finished goods account HNI Corporation determined at the beginning of the year that $23 per Labor hour would be an ppropriate POHR. As it turns out, throughout the year, overhead incurred totaled $2,641. Over or Under applied overhead is always considered to be immaterial and necessary steps hould be taken to close the Overhead account prior to answering the questions below. Job Status Not Complete Not Complete Complete and not sold Complete and sold Make the necessary calculations to determine the following items for the year just ended (round o the nearest whole dollar/input code: 0): Ending balance of Overhead account after closing overhead Total Cost of goods sold after closing overhead Gross profit as reported on the Income Statement Over/Underapplied overhead (enter overapplied as a ositive number and underapplied as a negative number) $ $ $ Sales Price when sold $ $7,408 $10,936 $6,387 $7,855 $ $

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter4: Accounting For Factory Overhead
Section: Chapter Questions
Problem 17E: Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied...
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HNI Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Direct Materials 561 $1,761 562 $2,604 563 $1,464 564 $1,958 Job# Direct Labor Labor hours $1,198 $1,771 $1,084 $1,175 30 44 26 32 Ending balance of Work in process account Ending balance of Finished goods account Total Sales Þ HNI Corporation determined at the beginning of the year that $23 per Labor hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $2,641. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Job Status Not Complete Not Complete Complete and not sold Complete and sold Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0): Ending balance of Overhead account after closing overhead Total Cost of goods sold after closing overhead Gross profit as reported on the Income Statement Over/Underapplied overhead (enter overapplied as a positive number and underapplied as a negative number) $ $ $ $ Sales Price when sold $ $7,408 $10,936 $6,387 $7,855 $ $
Transcribed Image Text:HNI Corporation started operations this year. As the year went on, they compiled the following information on jobs worked (these are the only jobs for the year): Direct Materials 561 $1,761 562 $2,604 563 $1,464 564 $1,958 Job# Direct Labor Labor hours $1,198 $1,771 $1,084 $1,175 30 44 26 32 Ending balance of Work in process account Ending balance of Finished goods account Total Sales Þ HNI Corporation determined at the beginning of the year that $23 per Labor hour would be an appropriate POHR. As it turns out, throughout the year, overhead incurred totaled $2,641. Over or Under applied overhead is always considered to be immaterial and necessary steps should be taken to close the Overhead account prior to answering the questions below. Job Status Not Complete Not Complete Complete and not sold Complete and sold Make the necessary calculations to determine the following items for the year just ended (round to the nearest whole dollar/input code: 0): Ending balance of Overhead account after closing overhead Total Cost of goods sold after closing overhead Gross profit as reported on the Income Statement Over/Underapplied overhead (enter overapplied as a positive number and underapplied as a negative number) $ $ $ $ Sales Price when sold $ $7,408 $10,936 $6,387 $7,855 $ $
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