1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Vaselesa [24]
3 years ago
9

Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance $ 20,500 Work in

process, beginning balance $ 32,800 Finished Goods, beginning balance $ 50,800 Transactions: (1) Raw materials purchases $ 79,100 (2) Raw materials used in production (all direct materials) $ 77,900 (3) Direct labor $ 52,800 (4) Manufacturing overhead costs incurred $ 92,500 (5) Manufacturing overhead applied $ 72,800 (6) Cost of units completed and transferred from Work in Process to Finished Goods $ 190,000 (7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold ? (8) Finished goods are sold $ 221,700 Required: Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.
Business
1 answer:
Nesterboy [21]3 years ago
6 0

Answer:

Raw Materials T - Account

Debit  :

Beginning Balance                              $ 20,500

Raw materials purchases                     $ 79,100

Total                                                      $99,600

Credit :

Raw materials used in production      $ 77,900

Closing Balance                                   $ 21,700

Total                                                      $99,600

Overheads T - Account

<u>Debit  :</u>

Manufacturing overhead costs incurred   $ 92,500

Totals                                                           $ 92,500

<u>Credit :</u>

Manufacturing overhead applied               $ 72,800

Understatement of Overheads                   $ 19,700

Totals                                                           $ 92,500

Work In Process T - Account

Debit  :

Beginning Work In Process                      $ 32,800

Raw materials                                            $ 77,900

Direct Labor                                              $ 52,800

Manufacturing overhead applied            $ 72,800

Totals                                                        $236,300

Credit :

Transferred to Finished Goods              $ 190,000

Ending Work In Process                            $46,300

Totals                                                        $236,300

Finished Goods T - Account

<u>Debit :</u>

Beginning Balance                                    $ 50,800

Transferred from Work In Process          $ 190,000

Totals                                                         $240,800

<u>Credit :</u>

Trading Account                                       $ 221,700

Ending Balance                                           $ 19,100

Totals                                                         $240,800

Cost of Goods Sold = $241,400

Explanation:

Cost of Goods Sold = $ 221,700 + $ 19,700 (under-applied overheads)

                                 = $241,400

You might be interested in
A bachelor's degree is earned at a ___.
Oksi-84 [34.3K]

Answer: four year college

Explanation: online

7 0
3 years ago
What is characteristic of an organization in which salespeople do most or all of their own marketing?
Pavel [41]

Answer:

private

Explanation:

people are doing private marketing to earn money for themselves

5 0
3 years ago
If the firm is facing the threat of trade barriers such as high import tariffs or quotas and the firm has proprietary technology
Andreyy89

Answer: b. Foreign direct investment.

Explanation: This is when a firm or business owns more than 10% of a a foreign company.

A foreign direct investment can be made by getting a lasting interest or by expanding one’s business or company into a foreign country.

The lasting interest makes Foreign Direct Investment from foreign portfolio investments, where investors passively hold securities from a foreign country.

6 0
3 years ago
Read 2 more answers
This is one of the questions I have and I have no idea what they might be
Westkost [7]

Answer:

1) You get what you get and don't throw a fit?

2)Be patient???

I hope this helps TwT

6 0
2 years ago
Manta Ray Company manufactures diving masks with a variable cost of $31. The masks sell for $40. Budgeted fixed manufacturing ov
riadik2000 [5.3K]

Answer:

When there is no change in the beginning and ending units of inventory i.e the  units sold are equal to the units produced,the income under variable and absorption costing remains the same which is the condition in the given question.

Explanation:

If we have 80,000 units produced and sold then the income under both methods will be the same.

Manta Ray Company

Income Statement Variable Costing

Sales                $40*80,000=  $ 3200,000

Variable Costs $ 31*80,000=  $ 2480,000

Contribution Margin  $ 720,000

Less Fixed Costs $  $712,800

Gross Profit $ 7200

Manta Ray Company

Income Statement Absorption Costing

Sales                $40*80,000=  $ 3200,000

Variable Costs $ 31*80,000=  $ 2480,000

Fixed Costs $  $712,800

Gross Profit $ 7200

When there is no change in the beginning and ending units of inventory i.e the  units sold are equal to the units produced,the income under variable and absorption costing remains the same which is the condition in the given question.

If there is an increase in the inventory units ( ie. production is less than the Sales) the fixed manufacturing overhead cost is released from inventory and deducted from variable income.

Similarly when the inventory units decrease  ( ie. production is more than the Sales)  the fixed manufacturing overhead cost is deferred from inventory and added to variable income.

8 0
3 years ago
Other questions:
  • The accountant for Huckleberry Company is preparing the company's statement of cash flows for the fiscal year just ended. The fo
    5·1 answer
  • Supporters of rent control say that it _____ the price of renting an apartment.
    8·1 answer
  • What document is necessary to get through the security checkpoints at airports?
    5·1 answer
  • PL Inc. implements an information system to improve its supply chain. The system helps the organization to reduce wastes and opt
    9·1 answer
  • Historically the stock market goes up when there is bad news on unemployment. The latest statistics show the unemployment rate i
    13·1 answer
  • HURRY!!!!
    5·1 answer
  • The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018:
    8·1 answer
  • According to_____if the money supply grows at 6%, real GDP grows at 2%, and the velocity of money is constant, then the inflatio
    8·1 answer
  • A full account of an event or series of events, usually told in chronological order, is called a:_______
    9·1 answer
  • True or false: a contra-asset account, such as accumulated depreciation, will have a normal debit balance.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!