Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.(1) Raw materials purchased for cash, $96,000(2) Direct materials requisitioned for use in production, $69,000(3) Indirect materials requisitioned for use in production, $22,000(4) Direct labor wages incurred and paid, $129,000(5) Indirect labor wages incurred and paid, $16,000(6) Additional manufacturing overhead costs incurred and paid, $121,000(7) Manufacturing overhead costs applied to jobs, $163,000(8) All of the jobs in process were completed.(9) All of the completed jobs were shipped to customers.(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.Use the following T-accounts to answer the following
questions.Cash Raw Materials Work In Process Finished Goods Manufacturing Overhead Cost of Goods Sold The adjusted cost of goods sold for the month is:
A. $335,000
B. $365,000
C. $361,000
D. $357,000
Answer: D
You might also like to view...
When a company uses coupon or premium offers in conjunction with the sale of its products, there is no need to record any contingent liability
a. True b. False Indicate whether the statement is true or false
The storming stage of team development is complete when conflicts are resolved and leadership roles are accepted.
Answer the following statement true (T) or false (F)
Mismanaged agreement is also referred to as ______.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is MOST accurate concerning information overload?
a. Information overload has been falsely blamed for various problems, such as memory loss. b. Information architects help organizations organize information for more effective communication. c. Information overload is a problem that affects less than half of all American workers. d. Information overload is really not a problem at all, since more information is always a good thing.