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. |
Does everything in nature have a unique purpose (entelechy)?
Additive Color Mixing and Paint Mixing
Typical container for the disposal of broken glass or other sharps.
What Are You Pouring in Your Glass?
Starting Out with Programming Logic and Design
People with normal color vision see the number 29 in the chart; however, those who are color-blind c