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Tiehen 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 April 1 appears below:

Tiehen Corporation
Balance Sheet
April 1
Assets:
Cash		$ 10,300
Raw materials	$ 4,300
Work in process	15,300
Finished goods	19,300	38,900
Property, plant, and equipment (net)		229,300
Total assets		$278,500
Liabilities and Stockholders' Equity:
Accounts payable		$ 15,150
Retained earnings		263,350
Total liabilities and stockholders' equity		$278,500

Summaries of the transactions completed during April appear below:

(1) Raw materials purchased on account	$ 66,300
(2) Raw materials used in production (direct materials)	$ 50,300
(3) Raw materials used in production (indirect materials)	$ 7,150
(4) Direct labor paid in cash	$ 95,300
(5) Indirect labor paid in cash	$ 25,300
(6) Selling and administrative salaries paid in cash	$ 30,300
(7) Factory utility costs (on account)	$ 12,300
(8) Depreciation on PP&E—manufacturing equipment	$ 10,300
(9) Depreciation on PP&E—selling and administration	$ 2,150
(10) Advertising expenses paid in cash	$ 15,300
(11) Manufacturing overhead applied to production	$ 57,900
(12) Cost of goods manufactured	$196,300
(13) Cash sales	$275,000
(14) Cost of goods sold	$205,300
(15) Cash payments to creditors	$ 81,300
(16) Overapplied (underapplied) overhead	?

Required:

Complete the spreadsheet below.

Transactions	Cash	Raw Materials	Work in Process	Finished Goods	Manufacturing Overhead	PP&E (net)	=	Accounts Payable	Retained Earnings
Beginning balances, April 1							=
(1) Raw materials purchased on account							=
(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 (on account)							=
(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) Cash payments to creditors
(16) Overapplied (underapplied) overhead							=
Ending balances at April 30

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Other Fields Homework Help Accounting Topic started by: alireads on Mar 30, 2023