Problem 210 Fill in the missing information In cost of goods

Problem 2-10

Fill in the missing information: (In cost of goods sold, list the adjustment for any under- or overapplied overhead below the initial entry in that account.)

WileyPLUS: MyWlleyPLUSI WileyPLUS iambalvo, Managerial Accounting, 6e MANAGERIAL Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment> Open Assignment ) ASSIGNMENT RESOURCESFil in the missing information: (In cost of goods sold, list the adjustment for any under- or overapplied overhead below the initial entry in that account.) CALCULATORFULL SCREEN PRINTER Week 2: Graded Homework Raw Materials Inventory Beginning Balance Purchases Ending Balance 32,000 54,000 16,000 70,000 Work in Process Inventory Beginning Balance DM DL OH Ending Balance oblem 2 14 42,000 72,000 89,000 Manufacturing Overhead Review Re Objective 74,000 63,000 Finished Goods Inventory Beginning Balance 95,000 113,000 Cost of Goods Sold Ending Balance License AgreementPrivacy Policy2000-2018John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Solution

RAW MATERIAL Beginning Balance 32000 RM Purchase 54000 70000 Tranfer to WIP 16000 Ending Balance 86000 86000 WORK IN PROCESS (WIP) Beginning Balance 70000 Direct Material 70000 165000 Transfer to Finished Goods Direct Labour 42000 Overhead 72000 89000 Ending Balance 254000 254000 MANUFACTURING OVERHEAD Expenses incurred 74000 63000 Bidgeted Overjead 11000 Underapplied Overhead 74000 74000 FINISHED GOODS Beginning Balance 95000 71000 Tranfer to Cost of Goods Sold Add: Transfere from WIP 89000 113000 Closing Balance 184000 184000 COST OF GOODS SOLD Transfer From Finished Goods 71000 Transfer from Overhead 11000 Total 82000