TB Problem Qu. 3A-19 (Algo) Sandra Corporation uses a job-order... Sandra Corporation uses a job-order costing system to

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Tb Problem Qu 3a 19 Algo Sandra Corporation Uses A Job Order Sandra Corporation Uses A Job Order Costing System To 1 (62.37 KiB) Viewed 53 times

TB Problem Qu. 3A-19 (Algo) Sandra Corporation uses a job-order... Sandra Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on January 1 appears below: Sandra Corporation Balance Sheet January 1 Assets: Cash Raw materials $ 17,250 Work in process Finished goods 34,750 Property, plant, and equipment (net) 218,250 Total assets $ 270,250 Liabilities and Stockholders' Equity: Retained earnings $ 270,250 Total liabilities and stockholders' equity $ 270,250 Summaries of the transactions completed during January appear below: $ 81,250 (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) $ 64,250 (3) Raw materials used in production (indirect materials) $ 10,125 (4) Direct labor paid in cash $ 77,250 (5) Indirect labor paid in cash $ 21,250 (6) Selling and administrative salaries paid in cash $ 39,250 $ 15,250 (7) Factory utility costs paid in cash (8) Depreciation on PPE--manufacturing equipment $ 10,250 (9) Depreciation on PPE--selling and $3,250 administration $ 15,250 (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production $ 58,750 (12) Cost of goods manufactured $ 193,250 (13) Cash sales $ 283,000 (14) Cost of goods sold. $ 204,250 (15) Overapplied (underapplied) overhead ? Required: Complete the spreadsheet below. (Negative or Deductible amounts should be entered with a minus sign.) $ 7,250 11,250 16,250
Transactions Beginning balances, January 1 (1) Raw materials purchased for cash (2) Raw materials used in production (direct materials) (3) Raw materials used in production (indirect materials) (4) Direct labor paid in cash (5) Indirect labor paid in cash (6) Selling and administrative salaries paid in cash (7) Factory utility costs paid in cash (8) Depreciation on PP&E--manufacturing equipment (9) Depreciation on PP&E--selling and administration (10) Advertising expenses paid in cash (11) Manufacturing overhead applied to production (12) Cost of goods manufactured (13) Cash sales (14) Cost of goods sold (15) Overapplied (underapplied) overhead Ending balances at January 31 Cash Raw Work in Materials Process Finished Manufacturing Goods Overhead PP&E (net) II = = = = = = = = Retained Earnings