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What is the amount of over- or underapplied overhead at December 31?

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Brief Exercise 152 Presented below are Truck Company’s monthly manufacturing cost data related to its personal computer
products.
(a) Taxes on factory building (c) Depreciation on manufacturing equip. (b)
(d) $820,000 Raw materials Wages for assembly line workers 66,000 210,000
340,000 Enter each cost item in the following table, placing an “X” under the appropriate headings. (a) Direct Materials Product Costs Direct Labor Manufacturing Overhead (b)
(c) (d)
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Brief Exercise 158 The following amounts were reported by Burke Company before adjusting its immaterial overapplied
manufacturing overhead of $8,000.
Raw Materials Inventory $40,000 Work in Process Inventory 100,000 Finished Goods Inventory
Cost of Goods Sold 60,000 770,000 Compute what amount Burke will report as cost of goods sold after it disposes of its overapplied overhead.
Cost of goods sold $
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Exercise 162 Cline Manufacturing Company uses a job order system and maintains perpetual inventory records. The columns indicating the appropriate account(s) to be debited and credited for the transactions listed
below.
Transactions
1.
2.
3.
4. Raw materials were purchased on
account. Account(s)
Debited Account(s)
Credited Issued a check to Dixon Machine Shop for
repair work on factory equipment. Direct materials were requisitioned for Job
280.
Factory labor was paid as incurred. 5. Recognized direct labor and indirect labor
used. 6. The production department requisitioned
indirect materials for use in the factory. 7.
8.
9. 10. Overhead was applied to production
based on a predetermined overhead rate
of $8 per labor hour.
Goods that were completed were
transferred to finished goods. Goods costing $80,000 were sold for
$105,000 on account.
Paid for raw materials purchased
previously on account.
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Exercise 175 The following information is available for Elliot Company.
Raw materials inventory Work in process inventory
Finished goods inventory
Materials purchased January 1, 2013 2013 $26,000 December 31, 2013 13,500 30,000 Direct labor $30,000 22,200 $170,000 21,000 220,000 Manufacturing overhead 180,000 Sales 800,000 Compute cost of goods manufactured.
Cost of goods manufactured $
Prepare an income statement through gross profit.
ELLOIT COMPANY
Income Statement
December 31, 2013 $ $ :
$
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Exercise 185 Edwards Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead
costs are expected to total $1,600,000 for the year, and machine usage is estimated at 200,000 hours.
In January, $166,000 of overhead costs are incurred and 22,000 machine hours are used. For the
remainder of the year, $1,730,000 of additional overhead costs are incurred and 214,000 additional
machine hours are worked.
Compute the manufacturing overhead rate for the year.
Manufacturing overhead rate per machine hour
What is the amount of over- or underapplied overhead at January 31?
overhead
$
What is the amount of over- or underapplied overhead at December 31?
overhead $
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*Problem 12-5A Thornton Company’s income statement contained the condensed information below.
THORNTON COMPANY
Income Statement
For the Year Ended December 31, 2014 Service revenue Operating expenses, excluding depreciation $878,634 Depreciation expense 78,705
22,896 Loss on disposal of plant assets
Income before income taxes $1,388,070
980,235
407,835 80,136 Income tax expense $327,699 Net income Thornton’s balance sheet contained the comparative data at December 31.
2014 Accounts receivable $100,170 Accounts payable 58,671 Income taxes payable 2013 $85,860 18,603 45,792
10,017 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show
amounts that decrease cash flow with either a – sign e.g. -15,000 or in parenthesis e.g.
(15,000).)
THORNTON COMPANY
Partial Statement of Cash Flows
For the Year Ended December 31, 2014 $ Adjustments to reconcile net income to $ $
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