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Option #1: Classification of Costs;Hoover, Inc., uses a job-order coding system. The company?s inventory balances on February 1, the start of its fiscal year, were as follows;Raw Materials Inventory;$69,325;Work in Process Inventory;$55,100;Finished Goods Inventory;$81,256;During the year, the following transactions were completed;Raw materials were purchased on account, $215,221.;Raw materials were issued from the storeroom for use in production, $198,000 (70% direct and 30% indirect).;Employee salaries and wages were accrued as follows: direct labor, $243,300, indirect labor, $98,750, and selling and administrative salaries, $72,340.;Utility costs were incurred in the factory, $79,233.;Advertising costs were incurred, $110,600.;Prepaid insurance expired during the year, $35,000 (80% related to factory operations, and 20% related to selling and administrative activities).;Depreciation was recorded, $192,100 (75% related to factory assets, and 25% related to selling and administrative assets).;Manufacturing overhead was applied to jobs at the rate of 160% of direct labor cost.;Goods that cost $720,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.;Sales for the year totaled $1,293,300 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $725,825.;Instructions;Submit your assignment as an Excel spreadsheet with each tab labeled by item number. Demonstrate the following;Prepare the journal entries to record the transactions for the year.;Prepare the T-accounts for raw materials inventory, work in process inventory, finished goods inventory, manufacturing overhead, and cost of goods sold. Don?t forget to enter the beginning balances in the inventory accounts.;Is manufacturing overhead underapplied or overapplied for the year? Prepare a journal entry to close this balance to cost of goods sold.;Provide your answers in a clearly organized Excel spreadsheet.;Your assignment should meet the following requirements;2-3 pages in length, include a title sheet;Formatted according to CSU-Global standards;Document your sources


Paper#75268 | Written in 18-Jul-2015

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