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Unformatted text preview: on selling and administrative assets. h. Manufacturing overhead was applied to jobs. The companys predetermined overhead rate was based on the following estimates: manufacturing overhead, $315,000; direct labour cost, $210,000. i. Goods that cost $650,000 to manufacture according to their job cost sheets were completed and transferred to the finished goods warehouse. j. Sales for the year (all on credit) were $900,000. k. The goods that were sold had cost $600,000 to manufacture according to their job cost sheets. Assume the following beginning balances for the period:-Raw Materials: $20,000-WIP: $74,000-Finished Goods: $40,000 Required: Prepare all the necessary journal entries to reflect Reeder Co.s activity, including adjustment(s) for overhead under- or over-applied....
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This note was uploaded on 11/04/2011 for the course ACTG 1P11 taught by Professor Nchasse during the Fall '11 term at Brock University, Canada.
- Fall '11