accounting 143

ResearchPaperWriters.com has established itself as the best academic writing website through a combination of well-furnished writers, highly-rated custom research paper writing services, top-level writers, discounts, punctual delivery, and 24/7 support. These facets come together to create a platform that not only meets but often exceeds the academic writing needs of its clients. Whether you are a student grappling with tight deadlines or a researcher in need of in-depth, well-researched papers, ResearchPaperWriters.com is the pinnacle of academic writing excellence, ready to provide you with top-tier services and exceptional results. At the core of ResearchPaperWriters.com’s success are its well-furnished writers. The platform prides itself on the caliber of its writers, who are highly qualified professionals with expertise in various academic fields. These writers have a deep understanding of the intricacies and requirements of different academic disciplines, ensuring that each project is handled with the utmost care and competence. Their proficiency in conducting thorough research and crafting well-structured, academically rigorous papers is the cornerstone of the website’s success.

Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company’s work-in-process on December 31, 2001, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date.

Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company’s practical capacity, in terms of direct-labor hours multiplied by the budgeted direct-labor rate.) Budgeted totals for 2002 for direct labor and manufacturing overhead are $4,200,000 and $5,460,000, respectively. Actual results for the year are as follows:

Actual Results
Direct Materials Used $5,600,000.00
Direct Labor $4,350,000.00
Indirect Material Used $65,000.00
Indirect Labor $2,860,000.00
Factory Depreciation $1,740,000.00
Factory Insurance $59,000.00
Factory Utilities $830,000.00
Selling and Administrative Expenses $2,160,000.00
Total $17,664,000.00

Job no. 2077 was completed in January 2002, and there was no work in process at year-end. All jobs produced during 2002 were sold with the exception of Job no. 2143, which contained direct-material costs of $156,000 and direct-labor charges of $85,000. The company charges any under- or over-applied overhead to the cost of goods sold category.

Using the above information, do the following:

  • Calculate the company’s predetermined overhead application rate.
  • Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.
  • Calculate the finished-goods inventory for the 12/31/01 balance sheet.
  • Calculate the over-applied or under-applied overhead at year-end.
  • Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category.

Perform your calculations in an Excel spreadsheet and copy the calculations into a Word document.

Write a 1-page paper in Word format. Apply APA standards to citation of sources. 

ResearchPaperWriters.com’s pool of top-level writers is a testament to its dedication to quality. The website carefully selects its writers, ensuring they possess advanced degrees and a proven track record of academic writing excellence. This commitment to excellence translates into papers that not only meet but often exceed the expectations of clients, contributing to the platform’s well-deserved reputation as the best in the business. Affordability is another key aspect that makes ResearchPaperWriters.com the best academic writing website. The platform understands the financial constraints that students often face and strives to provide cost-effective solutions. Clients can benefit from discounts and bonuses that help make these high-quality services accessible. These financial incentives, in conjunction with exceptional writing quality, make ResearchPaperWriters.com the go-to choice for academic assistance.

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.

/by