ACCOUNTING

11. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials. Prepare a schedule of cost of goods sold.

 

12. Assume the ending raw materials inventory is $1,000 and the company does not use any indirect materials.Prepare the journal entry to transfer costs from Finished Goods to Cost of Goods Sold.

13. What is the amount of underapplied or overapplied overhead?

 

 

14.Prepare the journal entry to close the amount of underapplied or overapplied overhead to Cost of Goods Sold.

 

15. Assume that Job P includes 20 units that each sell for $3,000 and that the company’s selling and administrative expenses in March were $14,000.Prepare an absorption costing income statement for March.

 

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