I need all work shown so i undersnad how to do this.
Able Corporation incurred the following costs.
|Beginning direct materials inventory||$16,000|
|Beginning work-in-process inventory||$7,000|
|Beginning finished goods inventory||$19,000|
|Ending direct materials inventory||$16,000|
|Ending work in process||$14,000|
|Ending finished goods||$ 26,000|
|Factory supervisor’s salary||$28,000|
|Depreciation on plant||$12,000|
|Selling and administrative expenses||$125,000|
|Direct material purchases||$215,000|
Calculate the following.
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- Direct materials used
- Cost of goods manufactured
- Cost of goods sold
- Operating income
Below is information from Job Card 506 for the Bearing Manufacturing Company.
Date started: June 15, 2015
Date Completed: July 24, 2015
|Date||Direct Materials||Direct Labor||Applied Factory Overhead||Job Total|
Job 506 was sold on credit on July 24, 2015, for 180% of its cost.
Factory OH was applied on the basis of DL.
- Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
- Prepare the journal entry to record the completion of Job 506.
- What is the predetermined factory overhead rate for Bearing Manufacturing?
- Prepare the journal entries to record the sale of Job 506.