Assignment # 10

Assignment 10 - Naiya Amin ACCT 3231*01WC Assignment 10 Problem 4-37 chapter 7 definition& chapter 8 questions Problem 4-37 1 What was the

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Naiya Amin ACCT 3231*01WC Assignment # 10 Problem # 4-37, chapter 7 definition & chapter 8 questions Problem # 4-37 1. What was the amount of direct materials issued to production during 2008? Answer: $380,000 (from the credit amount in direct material control T account) 2. What was the amount of manufacturing overhead allocated to jobs during 2008? Answer: $480,000 Direct manufacturing labor hours = direct manufacturing labor cost_______ Direct manufacturing labor wage rate per hour = $360,000/$15 per hour = 24,000 hour Manufacturing overhead allocated = direct manufacturing labor hours X manufacturing overhead rate = 24,000 hours X $20 per hour = $480,000 3. What was the total cost of jobs completed during 2008? Answer: $940,000 From the debit entry to Finished Goods T-account, Cost of jobs completed and transferred from WIP = $940,000 4. What was the balance of work – in – process inventory on December 31, 2008? Answer: $300,000 5. What was the cost of goods sold before proration of under – or overallocated overhead? Answer: 900,000 From the credit entry to Finished Goods Control T-account, Cost of goods sold (before proration) = $900,000 6. What was the under – or overallocated manufacturing overhead in 2008? Answer: $60,000 underallocated Manufacturing overhead underallocated = debits to manufacturing overhead control – credit to manufacturing Overhead allocated = $540,000 - $480,000 = $60,000 underallocated 7. Dispose of under or overallocated manufacturing overhead using a. Write-off to cost of goods sold Answer: Write-off to cost of goods sold will increase (debit) cost of goods sold by $60,000. So, cost of goods sold = $900,000 + $60,000 = $960,000. b. Proration based on ending balances (before proration) in work – in – process control, finished goods control, and cost of goods sold?...
View Full Document

This note was uploaded on 12/06/2010 for the course ACCT 3240 taught by Professor Wailoo during the Spring '09 term at Kean.

Page1 / 6

Assignment 10 - Naiya Amin ACCT 3231*01WC Assignment 10 Problem 4-37 chapter 7 definition& chapter 8 questions Problem 4-37 1 What was the

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online