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Author Question: Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, ... (Read 74 times)

kaitlynndavis

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on: Feb 5, 2023
Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances.



During 2021, the following transactions occurred:
1.Adams purchased raw materials for $160,000 on account
2.Adams used $150,000 of raw materials in production. Eighty percent were direct
materials
and 20 percent were indirect materials.
3.$69,000 of direct labor and $27,000 of indirect labor was incurred and paid.
4.Other manufacturing overhead incurred on account totaled $52,000.
5.Adams completed production on goods costing $280,000.
6.Adams sales revenue was $510,000. All goods were sold on account.
7.Adams' Cost of Goods Sold was $320,000 before adjusting for over-/underapplied
overhead.
8.Adams applies overhead at 200% of direct labor cost.
9.Adams collected $530,000 from customers and paid $140,000 to vendors.
10.Adams closes over-/underapplied overhead to Cost of Goods Sold.
Required:

a.Record the transactions in the appropriate T-accounts and calculate the ending
balances
at December 31, 2021.
b.Calculate total manufacturing costs for 2021.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by kaitlynndavis on Feb 5, 2023

Marys

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Reply #1 on: Feb 5, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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kaitlynndavis

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Reply 2 on: Feb 5, 2023
Excellent

softEldritch

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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