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XYZ Mfg. Company uses a job-order cost accounting system. This is the company's first month of operations (no beginning inventories). The company purchases $1,400 of raw materials, paying cash. The materials will be used on its various manufacturing jobs. $900 of raw materials are requisitioned for use on Job. #65, and $200 is requisitioned for Job #71. The remaining raw materials ($300) are still on hand. No other jobs are begun during the month
REQUIRED:
Assuming there is no additional activity:
Question a. How much ($) will be in the Finished Goods Inventory account at month's-end. Show your work.
Question b. How much ($) will be in the Work-in-Process Inventory account at month's end. Show your work.
Question c. Assume the company prepares financial statements at the end of each month. Is the overhead allocated to the two jobs accurate? If not, indicate the difference between applied overhead and actual overhead, and whether overhead was underapplied or overapplied?
Question d. When applied overhead does not match actual overhead, what adjustment can be made to better assure that reported income is accurate? Explain.
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