Question
Sanker Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
|
|
Work In
Process
|
Finished
Goods
|
Cost of
Goods Sold
|
Total
|
|
Direct materials
|
$2,790
|
$7,680
|
$18,240
|
$28,710
|
|
Direct labor
|
9,700
|
19,200
|
45,600
|
74,500
|
|
Manufacturing
overhead applied
|
5,440
|
8,000
|
18,560
|
32,000
|
|
Total
|
$17,930
|
$34,880
|
$82,400
|
$135,210
|
Manufacturing overhead for the month was overapplied by $5,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
The journal entry to record the allocation of any underapplied or overapplied overhead for August would include
Question
Sanker Inc. has provided the following data for the month of August. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
|
|
Work In
Process
|
Finished
Goods
|
Cost of
Goods Sold
|
Total
|
|
Direct materials
|
$2,790
|
$7,680
|
$18,240
|
$28,710
|
|
Direct labor
|
9,700
|
19,200
|
45,600
|
74,500
|
|
Manufacturing
overhead applied
|
5,440
|
8,000
|
18,560
|
32,000
|
|
Total
|
$17,930
|
$34,880
|
$82,400
|
$135,210
|
Manufacturing overhead for the month was overapplied by $5,000. The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.
The work-in-process inventory at the end of August after allocation of any underapplied or overapplied overhead for the month is closest to?
Question
The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just-completed year.
|
Sales
|
$910
|
|
Raw materials, inventory, beginning
|
$80
|
|
Raw materials, inventory, ending
|
$20
|
|
Purchases of raw materials
|
$100
|
|
Direct labor
|
$130
|
|
Manufacturing overhead
|
$200
|
|
Administrative expenses
|
$160
|
|
Selling expenses
|
$140
|
|
Work in process inventory, beginning
|
$40
|
|
Work in process inventory, ending
|
$10
|
|
Finished goods inventory, beginning
|
$130
|
|
Finished goods inventory, ending
|
$150
|
The cost of goods sold for the year (in thousands of dollars) was