{"id":170514,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/m1-assignment3-2"},"modified":"2017-08-18T05:52:09","modified_gmt":"2017-08-18T05:52:09","slug":"m1-assignment3-2","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/m1-assignment3-2\/","title":{"rendered":"M1 Assignment3"},"content":{"rendered":"<p>Assignment 3: Calculating Inventory<\/p>\n<p>Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company&#8217;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.<\/p>\n<p>Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company&#8217;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:<\/p>\n<p>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.<\/p>\n<p>Using the above information, do the following:<\/p>\n<ul>\n<li>Calculate the company\u2019s predetermined overhead application rate.<\/li>\n<li>Calculate the additions to the work-in-process inventory account for the direct material used, direct labor, and manufacturing overhead.<\/li>\n<li>Calculate the finished-goods inventory for the 12\/31\/02 balance sheet.<\/li>\n<li>Calculate the over-applied or under-applied overhead at year-end.<\/li>\n<li>Explain if it is appropriate to include selling and administrative expenses in the cost of goods sold category.<\/li>\n<\/ul>\n<p>Perform your calculations in an Excel spreadsheet and copy the calculations into a Word document.<\/p>\n<p>Write a 1-page paper in Word format. Apply APA standards to citation of sources. Use the following file naming convention: LastnameFirstInitial_M1_A3.doc. For example, if your name is John Smith, your document will be named SmithJ_M1_A3.doc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Assignment 3: Calculating Inventory Finlon Upholstery Inc. uses a job-order costing system to accumulate manufacturing costs. The company&#8217;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 <a href=\"https:\/\/www.benedictsol.com\/blogs\/m1-assignment3-2\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-170514","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/170514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=170514"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/170514\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=170514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=170514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=170514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}