ACCT 344 Week 1 Homework,
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
|Question :||Below is information from Job Card 506 for the Bearing Manufacturing Company.
1. Question: Able Corporation incurred the following costs………………. Calculate the following.
a Direct materials used
b. Cost of goods manufactured
c. Cost of goods sold
d. Operating income
a. Prepare the journal entries to record the costs incurred for Job 506 in 2015 for direct materials, direct labor, and factory overhead.
b. Prepare the journal entry to record the completion of Job 506.
c. What is the predetermined factory overhead rate for Bearing Manufacturing?
d. Prepare the journal entries to record the sale of Job 506.