Reference no: EM132103852
Question - These are the beginning balances for some of the accounts for Hamilton Inc.
Raw Materials: $ 40,000
Work in Progress: $ 30,000
Finished Goods: $ 45,000
Here are some of the transactions that Hamilton Inc. had during the period:
i. Allocated $ 25,000 of raw materials as direct materials, and $ 6,000 as indirect materials
ii. Used cash to pay for $25,000 of direct labor and $ 5,000 of indirect labor.
iii. Utilities due for the period were $4,000; taxes due for the period were $1,000; and accumulated depreciation was $2,000
iv. Hamilton Inc. uses a predetermined overhead rate of $ 8 per DLH. During the month, 2,500 DLH were worked on jobs.
v. $ 75,000 of items were finished during the period f. $ 95,000 of items were sold during the period
Using the information above, please answer these questions about the accounts of Hamilton Inc. (Show work)
a. What is the ending balance of Work in Progress?
b. What is the ending balance of Finished Goods?
c. What was the Cost of Goods Manufactured for the Period?
d. Was Manufacturing Overhead over or under applied for the period? By how much?
e. What would be the adjusting entry to close out the Manufacturing Overhead account?
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