Explain how would this amount be reported in the company

Assignment Help Financial Accounting

Reference no: EM13129169

a)Below is an accounting equation spreadsheet for Wilkins Manufacturing which shows some beginning balances. Show the affects on the accounting equation caused by the recording of requisition slips, time tickets, the assignment of manufacturing overhead to jobs, and the completion of Job No. 429. Show computations.?

(b) Answer the following questions.

1. What is the balance in Work in Process Inventory at December 31?

2. If Wilkins Manufacturing incurred $6,000 of manufacturing overhead in addition to indirect materials and indirect labor (this is included in the beginning balances on the accounting equation spreadsheet above), was overhead over- or underapplied in December and by how much?

3. Without regard to your answer in (2) above, assume manufacturing overhead was underapplied in December. How would this amount be reported in the company's financial statements at December 31?

Reference no: EM13129169

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