Author Question: The following data is available for Sykes Company, a small manufacturing firm, for the month ... (Read 33 times)

skymedlock · **on:** Jan 4, 2020

The following data is available for Sykes Company, a small manufacturing firm, for the month of
October:

Actual manufacturing overhead costs incurred

$158,000

Manufacturing overhead allocated to jobs

108,000

Under allocated manufacturing overhead

$50,000

At the end of the month the accounting records indicate:

Jobs still in Work in Process

30%

Jobs still in Ending Inventory

20%

Jobs completed and sold

50%

Assume that the amount of under allocated manufacturing overhead is considered material.
Indicate the direction (increase/decrease) and amount of the adjustment Sykes Company will make, to dispose of the under allocation, to each of the following inventory accounts:

Work in Process:

________

Ending Inventory:

________

Cost of Goods Sold:

________

patma1981 · **Reply #1 on:** Jan 4, 2020

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