Author Question: Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, ... (Read 10 times)

kaitlynndavis · **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.

Marys · **Reply #1 on:** Feb 5, 2023

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