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alireads alireads
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11 months ago

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 process15,300
Finished goods19,30038,900
Property, plant, and equipment (net)229,300
Total assets$278,500
Liabilities and Stockholders' Equity:
Accounts payable$ 15,150
Retained earnings263,350
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.

TransactionsCashRaw MaterialsWork in ProcessFinished GoodsManufacturing OverheadPP&E (net)=Accounts PayableRetained 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
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
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melryandionmelryandion
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alireads Author
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11 months ago
Good timing, thanks!
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Just got PERFECT on my quiz
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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