Business, 15.04.2020 04:20 paco38

Madison Company uses a job-order costing system. The following transactions occurred in October: A. Raw materials purchased on account, $210,000. B. Raw materials used in production, $190,000 ($178,000 direct materials and $12,000 indirect materials). C. Accrued direct labor cost of $90,000 and indirect labor cost of $110,000. D. Depreciation recorded on factory equipment, $40,000. E. Other manufacturing overhead costs accrued during October, $70,000. F. The company applies manufacturing overhead cost to production using a predetermined rate of $8 per machine-hour. A total of 30,000 machine-hours were used in October. G. Jobs costing $520,000 according to their job cost sheets were completed during October and transferred to Finish Goods. H. Jobs that had cost $480,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 25% above cost. Required: 1. Post the relevant transactions from above to each T account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $42,000. Is the Manufacturing Overhead account over or under applied and by how much

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Madison Company uses a job-order costing system. The following transactions occurred in October: A....

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