Part 3- Is the overhead over- or under- applied and by how much? Part 4- Cost of

Question

Part 3- Is the overhead over- or under- applied and by how much? Part 4- Cost of Goods Sold Prepare the journal entry to make the adjustment of over- or under- overhe Problem VI - 12 points Fill in the missing data Case 1 Case 2 Direct Materials Direct Labor Manufacturing overhead $21,000 $10,000 Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income 8,000 $7,000 $3,000 $2,000 $3,000 $31,500 $18,000 $50,000 $25,000 $24,000 $15,000 $10,000 $6.000 $2,000 $9,000 $7,000

Explanation / Answer

Part-IV Case 1 Case 2 Dirrect material 8000 7000 Direct labour 3000 2000 Manufacturing Overheads 21000 10000 Total Mnufacturing cost 32000 19000 Work in process 1/1 1500 3000 Work in process 31/12 2000 4000 Costt of Goods manufactured 31500 18000 Sales 50000 25000 Finished Goods 1/1 9000 6000 Cost of Goods available 40500 24000 Finished Goods 31/12 7000 9000 Cost of goods sold 33500 15000 Gross Profit 16500 10000 Operating expense 10000 6000 Net Operating income 6500 4000

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