Phase III Grec ×(DTA G bunneit cerporation-Googie l Connet 20. html mework 0 Req

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Phase III Grec ×(DTA G bunneit cerporation-Googie l Connet 20. html mework 0 Required Information The following information apples to the questions displayed below.] Bunnell Corporation iIs a manufacturer that uses Job-order costing. On January 1, the company's inventory balances were as follows: 40,000 18,000 Work in process Piniabed goods 35,000 The company applies overheed cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $16.25 per direct labor-hour was based on a cost formula that estimated $650,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $510,000. b. Raw materials use in production, $480,000. All of of the raw materials were used as direct materials. c The following costs were accrued for employee services: direct labor, $600,000; Indirect labor, $150,000; selling and administrative salaries, $240,000, d. Incurred varous selling and administrative expenses (e.g, advertising, sales trevel costs, and finished goods warehousing), $367,000. e. Incurred various manufacturing overhead costs (e.g, depreciation, insurance, and utilities), $500,000. f. Manufacturing overhead cost was applied to production. The company actually worked 41000 direct labor-hours on all jobs during the year g. Jobs costing $1680.000 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $2,800,000. The jobs cost $1,690,000 to manufacture according to their job cost sheets Prex 12 13 14 15 of 20 Next >

Explanation / Answer

Solution:-

Ending Balance of FG:-

                                     Opening       =        35000

                                 (+) Manufacture =        1680000

                                 (-) Sell              =         1690000

                           Closing Balance      =         25000

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