How do I fix these mistakes? a. $94,000 in raw materials were purchased for cash.b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was forindirect labor.d. Additional manufacturing overhead costs of $143,000 were incurred and paid.e. Manufacturing overhead of $152,000 was applied to production using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed.g. All of the completed jobs were shipped to customers.h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.Post the above transactions to T-accounts.Beginning balanceEnding balanceb.Complete this question by entering your answers in the tabs below.Required 1C.e.Beginning balanceEnding balanceb.C.d.DebitRequired 2Ending balanceDebitBeginning balanceDebit✓✓✓Cash✓Work in Process78,000✔112,000152,000✔11,000✔20,000 ✓143,000✔✔Credit94,000 a.132,000✔ C.143,000✔✔ d.Manufacturing Overhead369,000Credit342,000 f.CreditAnswer is complete but not entirely correct.152,000 ✓ e.22,000✔ g.› › ›XBeginning balancea.Ending balanceEnding balanceDebitBeginning balancef.Ending balance< Required 1DebitBeginning balancef.g.✓✓DebitXXRaw Materials94,000✔5,000Finished Goods342,000✔Cost of Goods Sold342,00022,000✔364,000Required 2 >Credit89,000 b.Credit342,000✔ f.Credit✓X Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the transactions that it recorded during arecent month is shown below.a. $94,000 in raw materials were purchased for cash.b. $89,000 in raw materials were used in production. Of this amount, $78,000 was for direct materials and the remainder was forindirect materials.c. Total labor wages of $132,000 were incurred and paid. Of this amount, $112,000 was for direct labor and the remainder was forindirect labor.d. Additional manufacturing overhead costs of $143,000 were incurred and paid.e. Manufacturing overhead of $152,000 was applied to production using the company's predetermined overhead rate.f. All of the jobs in process at the end of the month were completed.g. All of the completed jobs were shipped to customers.h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold.Required:1. Post the above transactions to T-accounts.2. Determine the adjusted cost of goods sold for the period.> Answer is complete but not entirely correct.Complete this question by entering your answers in the tabs below.Required 1 Required 2Determine the adjusted cost of goods sold for the period.Adjusted cost of goods sold$ 264,000< Required 1Required 2 >

Adjusted Cost of Goods Sold - Cost of Goods Sold includes the cost incurred to sell goods to the…

Post the above transactions to T-accounts. Required 1 Required 2 Beginning balance Ending balance b. C. e. Beginning balance Ending balance Debit b. C. d. Debit Beginning balance Ending balance Debit ✔ ✓ ✓ Cash ✓ ♥ ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000 20,000✔ Manufacturing Overhead 143,000 Credit 94,000 a. 132,000✔✔ C. 143,000 d. 369,000 Credit 342,000 f. Credit 152,000✔ e. 22,000 g. ✓ ✔ ✓ ✔ ♥ X Beginning balance a. Debit Ending balance Beginning balance f. Ending balance 9. Debit Beginning balance f. < Required 1 ✔ Ending balance Debit ✓ X X Raw Materials 94,000✔ 5,000 Finished Goods Cost of Goods Sold 342,000✔ 22,000✔ 342,000✔ 342,000 f. 364,000 Credit Required 2 > 89,000 b. Credit Credit

Post the above transactions to T-accounts. Required 1 Required 2 Beginning balance Ending balance b. C. e. Beginning balance Ending balance Debit b. C. d. Debit Beginning balance Ending balance Debit ✔ ✓ ✓ Cash ✓ ♥ ✓ Work in Process 78,000✔ 112,000 152,000✔ 11,000 20,000✔ Manufacturing Overhead 143,000 Credit 94,000 a. 132,000✔✔ C. 143,000 d. 369,000 Credit 342,000 f. Credit 152,000✔ e. 22,000 g. ✓ ✔ ✓ ✔ ♥ X Beginning balance a. Debit Ending balance Beginning balance f. Ending balance 9. Debit Beginning balance f. < Required 1 ✔ Ending balance Debit ✓ X X Raw Materials 94,000✔ 5,000 Finished Goods Cost of Goods Sold 342,000✔ 22,000✔ 342,000✔ 342,000 f. 364,000 Credit Required 2 > 89,000 b. Credit Credit

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

A production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?
A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was $805,100, and there were 99,900 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year?
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
a. $82,000 in raw materials were purchased on account. b. $80,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $119,000 were paid in cash. Of this amount, $102,700 was for direct labor and the remainder was for indirect labor. d. Depreciation of $190,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 $82,000 in raw materials were purchased on account. Note: Enter debits before credits Transaction General Journal Dobit Credit
a. Purchased $94,000 in raw materials for cash. b. $89,000 in raw materials were used in production. Of this amount, $78,000 was direct materials and the remainder was indirect materials. c. Paid employees $132,000 cash. Of this amount, $112,000 was direct labor and the remainder was indirect labor. d. Paid $143,000 for additional manufacturing overhead costs. e. Applied manufacturing overhead of $152,000 to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Calculate the adjusted cost of goods sold for the period.
Larned Corporation recorded the following transactions for the just completed month. a. $73,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $110,000 were paid in cash. Of this amount, $104,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Larned Corporation recorded the following transactions for the just completed month.a. $80,000 in raw materials were purchased on account.b. $71,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials.c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor.d. Depreciation of $175,000 was incurred on factory equipment.Required:Record the above transactions in journal entries.
In the manufacture of 10,000 units of a product, direct materials cost incurred was $143,700, direct labor cost incurred was $85,000, and applied factory overhead was $43,500. What is teh total conversion cost. A. $187,200 B. $128,500 C. $272,200 D. $43,500