Question

. Chrome Fie Edit View History Bookmarks People window Help ← C 幽Secure https:/ tmm Chapter 3 & 3A Help Save & Exit Submit Check my 21 Morrison Company uses a job-order costing system to assign manufacturing costs to jobs. Its balance sheet on January 1 is as follows: 5 46,2DD 15,300 25,8004,650 Property. plant and aqaspeent Inut) payable 13,800 aederencesot Total iLabilities and stookholders equity During January the compeny completed the following trensactions: 8. Purchased raw materials on account. $85,600 b. Raw meterials used in production, $96,800 ($77000 was direct materials and $19,800 was indirect materials) c. Paid $182,350 of salaries and wages in cash ($95,200 was direct labor, $35,250 was indirect labor, and $51900 was related to employees responsible for selling and administration) dVarinan manufacturina oorhaad osts incurred fan ACenuntl teh Siinnon nrnduction 7550. < PreK 21 of 21 Next

please do all part of the question

Answer 1

1	Cash
	Beginning balance				46200
	Add:
	(j)				415440
					461640
	Less:
	©			182350
	(f)			41900
	(i)			80200	304450
	Ending balance				157190
	Raw materials:
	Beginning balance				15300
	Add:
	(a)				85600
					100900
	Less:
	(b)				96800
	Ending balance				4100
	Work in process
	Beginning balance				7550
	Add:
	(b)-Direct materials			77000
	©-Direct labor			95200
	(h)			138600	310800
	Less:
	(i)				302900
	Ending balance				7900
	Finished goods
	Beginning balance				25800
	Add:
	(i)				302900
					328700
	Less:
	(k)				299600
	Ending balance				29100
	Prepaid expenses
	Beginning balance				2225
	Less:
	(g)				1350
	Ending balance				875
	Property,plant and equipment (Net)
	Beginning balance				126000
	Less:
	€				64400
	Ending balance				61600
	Accounts payable
	Beginning balance				13800
	Add:
	(a)			85600
	(d)			37650	123250
					137050
	Less:
	(i)				80200
	Ending balance				56850
	Retained earnings
	Beginning balance				209275
	Add:
	Net operating income				2190
	Ending balance				211465
2	Sales					415440
	Less: Cost of goods sold (Adjusted) (Note:1)					299860
	Gross profit					115580
	Less: Expenses
	Salaries and wages				51900
	Depreciation		(64400*30%)		19320
	Various selling expenses				41900
	insurance expense		(1350*20%)		270	113390
	Net operating income					2190
	Notes:
	1. Adjusted cost of goods sold
	Cost of goods sold (Unadjusted)				299600
	Add: under applied overhead				260
	Cost of goods sold (Adjusted)				299860
	Actual manufacturing overhead:
	Indirect materials				19800
	Indirect labor				35250
	On account				37650
	Depreciation		(64400*70%)		45080
	Prepaid insurance expired			(1350*80%)	1080
	Total				138860
	Manufacturing overhead applied				138600
	Underapplied overhead				260