l anGHI in each of the thres accounts d aacated in May tbefors prorationi in the ending balancasin s

l anGHI in each of the thres accounts d aacated in May tbefors prorationi in the ending balancasin sac thod would you choose? Explain 4-37 General ledger relationships, under- and overallecation. (S. Sridhar, adsptedi Nesdham Company Usesnormal costing in its job-costing system, Partially completed T-accounts and additional information fo Needham for 2011 are as follows Direct Materials Control 1-1-2011 30,000 400,000 Work-in-Process Control 1-1-2011 Finished Goods Control 380,000 20,000 1-1-2011 10,000 900,000 Dir, manuf. 940 000 labor 360,000 Manufacturing Overhead Control Manufacturing Overhead Allocated Cost of Goods Sold 540,000 Additional information follows: a. Direct manufacturing labor wage rate was $15 per hour b. Manufacturing averhead was allocated at $20 per direct manufacturing labor-hour. C. During the year, sales revenues were $1,090,000, and marketing and distribution costs were $140,000 Require 1. What was the amount of direct materials issued to production during 2011? 2. What was the amount of manufacturing overhead allocated to jobs during 2011? 3. What was the total cost of jobs completed during 2011? 4. What was the balance of work-in-process inventory on December 31, 2011? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- ar overallocated manufacturing overhead in 2011? 7. Dispose of the under- or overallocated manufacturing overhead using the following a. Write-off to Cost of Goods Sold b. Proration based on Control, and Cost of Goods Sold ending balances (before proration) in Work-in-Process Control, Firished Goods &Using each of the approaches in requirement 7, calculate Needham's operating income for 2011 9. Which approach in requirement 7 do you recommend Needham use7 Explain your answer briefly al costing in its job-costing 4-37 General ledger relationships, under- and overallocation. (S. Sridhar, adapted) Needham Company uses normal costing in its job-costing system. Partially completed T-accounts and additional information for Needham for 2011 are as follows: Finished Goods Control 1-1-2011 Direct Materials Control Work-in-Process Control 20,000 10,000 900,000 940,000 30,000 380,000 400,000 1-1-2011 1-1-2011 Dir. manuf. labor 360,000 Manufacturing Overhead Control 540,000 Manufacturing Overhead Allocated Cost of Goods Sold Additional information follows: a. Direct manufacturing labor wage rate was $15 per hour. b. Manufacturing overhead was allocated at $20 per direct manufacturing labor-hour. c. During the year, sales revenues were $1,090,000, and marketing and distribution costs were $140,000. 1. What was the amount of direct materials issued to production during 2011? 2. What was the amount of manufacturing overhead allocated to jobs during 2011? 3. What was the total cost of jobs completed during 2011? 4. What was the balance of work-in-process inventory on December 31, 2011? 5. What was the cost of goods sold before proration of under- or overallocated overhead? 6. What was the under- or overallocated manufacturing overhead in 2011? 7. Dispose of the under- or overallocated manufacturing overhead using the following: a. Write-off to Cost of Goods Sold b. Proration based on ending balances (before proration) in Work-in-Process Control, Finished Goods Control, and Cost of Goods Sold 8. Using each of the approaches in requirement 7, calculate Needham's operating income for 2011. 9. Which approach in requirement 7 do you recommend Needham use? Explain your answer briefly.

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