Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Direct Raw Direct Materials Used Labor Job 1 Job 2 $1,300 2,300 3,200 $6,800 $2,200 3,900 1,900 $8,000 Job 3 Total Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5.200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. K. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated) Direct Raw Direct Materials Used Labor Job 1 Job 2 $1,300 2,300 3,200 $6,800 $2,200 3,900 1,900 $8,000 Job 3 Total Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory overhead was $5.200. Required a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example. K. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant. d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please help me fill out this chart!
![Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials
and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise
indicated.)
Direct Raw
Direct
Materials Used
$1,300
2,300
3,200
Labor
$2,200
3,900
1,900
Job 1
Job 2
Job 3
Total
$6,800
$8,000
Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed
during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory
overhead was $5,200.
Required
a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.
c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the
amount is insignificant.
d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
Comalat u](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9874982f-f2f2-40e1-a309-9bc44d53f758%2F11dfa87b-bce0-4c8e-be9c-227e3684b9bd%2Fh902fo9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Munoz Manufacturing Corporation was started with the issuance of common stock for $65,000. It purchased $7,700 of raw materials
and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise
indicated.)
Direct Raw
Direct
Materials Used
$1,300
2,300
3,200
Labor
$2,200
3,900
1,900
Job 1
Job 2
Job 3
Total
$6,800
$8,000
Factory overhead is applied using a predetermined overhead rate of $0.60 per direct labor dollar. Jobs 2 and 3 were completed
during the period and Job 3 was sold for $10,440 cash. Munoz paid $400 for selling and administrative expenses. Actual factory
overhead was $5,200.
Required
a. Record the preceding events in a horizontal statements model. The first event for Year 1 has been recorded as an example.
c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the
amount is insignificant.
d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Year 1.
Comalat u
![Req D CGM
Sched
Req D Inc
Stmt
Req D Bal
Sheet
Req A and C
Prepare a schedule of cost of goods manufactured and sold for Year 1.
MUNOZ MANUFACTURING CORPORATION
Cost of Goods Manufactured and Sold for Year 1
Raw materials available
Raw materials used
es
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Goods available
Cost of goods sold
2$
< Req A and C
Req D](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9874982f-f2f2-40e1-a309-9bc44d53f758%2F11dfa87b-bce0-4c8e-be9c-227e3684b9bd%2F7mfbtoe_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Req D CGM
Sched
Req D Inc
Stmt
Req D Bal
Sheet
Req A and C
Prepare a schedule of cost of goods manufactured and sold for Year 1.
MUNOZ MANUFACTURING CORPORATION
Cost of Goods Manufactured and Sold for Year 1
Raw materials available
Raw materials used
es
Total manufacturing costs
Total work in process inventory
Cost of goods manufactured
Goods available
Cost of goods sold
2$
< Req A and C
Req D
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education