10. At the beginning of the year, Springfield Manufacturing had the following ac

Question

10. At the beginning of the year, Springfield Manufacturing had the following account balances: Cost of Goods Sold Work-in-Process Inventory 2,00 Finished Goods Inventory 8,000| Manufacturing Overhead Sales Revenue The following additional details are provided for the year: $84,000 190,000 303,000 Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production 295,000 Cost of jobs completed and transferred Total revenue Cost of goods sold Aftfer recording al these transactions and adustig for the toverlunderallocated overhead, the ending balance in the Cost of Goods Sold account is a 502,000 756,000 f 441,200

Explanation / Answer

Ending balance in Cost of Goods Sold account: $449200

Work-in-Process Inventory Cost of Goods Sold Beg. Bal. 2000 502000 Beg. Bal. 0 DM 84000 441200 DL 190000 Under-applied 8000 OH 295000 End. Bal. 69000 End. Bal. 449200 Finished Goods Inventory Sales Revenue Beg. Bal. 8000 441200 Beg. Bal. 0 502000 756000 End. Bal. 68800 End. Bal. 756000 Manufacturing Overhead Beg. Bal. 0 295000 303000 8000 Under-applied End. Bal. 0

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.