At the end of 2018, Peter Senen Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Any under-or over-applied overhead is considered material.

At the end of 2018, Peter Senen Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Any under-or over-applied overhead is considered material.

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 19P: Nathan Industries had a remaining debit balance of $20,000 in its under- and overapplied factory...

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Nelson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the credit balance in Under-and Overapplied Factory Overhead.
Nathan Industries had a remaining debit balance of $20,000 in its under- and overapplied factory overhead account at year-end. It also had year-end balances in the following accounts: Required: Prepare the closing entry for the $20,000 of underapplied overhead, assuming that the balance is not considered to be material. Prepare the closing entry for the $20,000 of underapplied overhead, assuming that the balance is considered to be material.
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
At the end of 2018, Furry Balls Co. had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Any under-or over-applied overhead is considered material What is the adjusted balance of cost of goods sold after disposing the under -or over-applied overhead?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 cr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 1: Any under -or over-applied overhead is considered immaterial. 17. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 18. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 19. What is the adjusted balance of work in process inventory after disposing the under -or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000 20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 21. What is the…
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 cr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 2: Any under-or over-applied overhead is considered material 14. What is the adjusted balance of cost of goods sold after disposing the under -or overapplied overhead? a. 364,000 b. 372,000 c. 396,000 d. 404,000 15. What is the adjusted balance of finished goods inventory after disposing the under-or over-applied overhead? a. 93,000 b. 96,000 c. 99,000 d. 102,000 16. What is the adjusted balance of work in process inventory after disposing the under-or over-applied overhead? a. 155,000 b. 160,000 c. 165,000 d. 170,000
At the end of 2018, Furry Balls Co. Had the following account balances after factory overheadhad been closed to manufacturing overhead control:Manufacturing overhead control: P20,000 cr.Cost of goods sold 384,000 dr.Finished goods 96,000 dr.Work in process 160,000 dr.Raw materials 160,000 dr.Case 1: Any under -or over-applied overhead is considered immaterial. a. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead?b. What is the adjusted balance of work in process inventory after disposing the under -orover-applied overhead?c. What is the adjusted balance of finished goods inventory after disposing the under-orover-applied overhead? d. What is the adjusted balance of work in process inventory after disposing the under-orover-applied overhead?
At the end of 2018, Furry Balls Co. Had the following account balances after factory overhead had been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 dr. Cost of goods sold 384,000 dr. Finished goods 96,000 dr. Work in process 160,000 dr. Raw materials 160,000 dr. Case 1: Any under -or over-applied overhead is considered immaterial. 20. What is the adjusted balance cost of goods sold after disposing the under-or overapplied overhead?a. 364,000 b. 372,000 c. 396,000 d. 404,00021. What is the adjusted balance of finished goods inventory after disposing the under-orover-applied overhead?a. 93,000 b. 96,000 c. 99,000 d. 102,000 22. What is the adjusted balance of work in process inventory after disposing the under-orover-applied overhead?a. 155,000 b. 160,000 c. 165,000 d. 170,000
At the end of 2018, Furry Balls Co. Had the following account balances after factory overheadhad been closed to manufacturing overhead control: Manufacturing overhead control: P20,000 cr.Cost of goods sold 384,000 dr.Finished goods 96,000 dr.Work in process 160,000 dr.Raw materials 160,000 dr.Case 1: Any under -or overapplied overhead is considered immaterial. 1 What is the adjusted balance cost of goods sold after disposing of the under-or over-applied overhead?a. 364,000 b. 372,000 c. 396,000 d. 404,000 2. What is the adjusted balance of finished goods inventory after disposing of the under-or over-applied overhead?a. 93,000 b. 96,000 c. 99,000 d. 102,000 3. What is the adjusted balance of work in process inventory after disposing of the under-or over-applied overhead?a. 155,000 b. 160,000 c. 165,000 d. 170,000
Before disposing of its year-end manufacturing overhead balance, Puppovich Enterprises had the following amounts on its records: Actual manufacturing overhead 690,000 Applied manufacturing overhead 655,000 Unadjusted cost of goods sold 1,700,000 If O’Pupper closes the balance of its manufacturing overhead account directly to cost of goods sold, how much is the adjusted cost of goods sold?
The records of ABC Corporation revealed the following data for the current year. Work_in_Process_P73,150 Finished_Goods_P115,000 Cost_of_Goods_Sold_P133,650 Direct_Labor_P111,600 Direct_Material_P84,200. Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is the denominator use to allocate the underapplied overhead?
X Corp obtained the balances of different accounts at the end of 2010 as follows: Over-applied overhead P 22,000, Work in Process P 128,000, Finished Goods P 32,000; Cost of goods Sold P 240,000. The materiality threshold is 5% of the combined ending balances of all accounts containing overhead. What is the adjusted Cost of Goods Sold?