Required info on the bottom of page Help Save & E Ch. 14, 15, 16 0 Compute the f

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Required info on the bottom of page
Help Save & E Ch. 14, 15, 16 0 Compute the following amounts for the month of May using T-accounts 2. Cost of direct labor used 3. Cost of goods manufactured of 4 -4. Cost of goods sold." 5. Gross proft 6 Overapplied or underapplied overhead. Do not consider any underapplied or overapplied overhead. April 30 RM purchases 195000 M used L used ther overhead costs 155,000 192,500 195,000 347.500 April 30 Cost of goods manu Cost of goods sold ndirect materials Indirect labor 8 9 E R

Explanation / Answer

RAW MATERIAL INVENTORY Balance 28,000 Manufacturing Oh 9,000 Cash 195,000 WIP 155,000 Ending Balance 59,000 MANUFACTURING OVERHEADS Indirect material 9,000 Overheads applied 105,875 Indirect labour 57,500 (250000-57500)55% Other oH cost 93,500 Ending balance 54,125 WORK IN PROCESS INVENTORY Balance 9,900 Finished Goods inv. 442,975 Raw material Inv. 155,000 Wages Payable 192,500 Manufacturing Overheads 105,875 Balance 20,300 FINISHED GOODS INVENTORY Balance 59,000 Cost of goods sold 468,475 wip 442,975 Balance 33,500 Req 1. Cost f direct material: $ 155000 2. Cost of direct labour: 192500 3. cost of goods manufactured: $ 442975 4. cost of goods sold: 468475 5. Gross profit: 1500000-468475 = 1031525 6. Under applied OH: $ 54125 Req : Journal entries: Raw material Inventory Account Dr. 195000        Cash account 195000 Work in process Inventory Account Dr. 155000      Raw material inventory 155000 Manufacturing OH account Dr. 9000       Raw material Inventory 9000 Work in Process inventoy Account Dr. 192500        factory Wages payable 192500 Manufacturing Overheads account Dr. 57500       Factory wages payable 57500 factory Wages payable Dr. 250000       Cash account 250000 Manufacturing Overheads account Dr. 93500       Other accounts 93500 work in process inventoy Account Dr. 105875      Manufacturing overheads account 105875

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