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1.) Trim Force Corp. had the following information in their accounting
records:
Work in process inventory, beginning balance $50,000
Cost of direct materials used $350,000
Direct labor cost applied to production $200,000
Cost of finished goods manufactured $750,000
Manufacturing overhead during production was $250,000. What was
the work in process inventory on hand at the end of the year?
2.) Walsh Corp. uses direct labor hours to determine their applied
manufacturing overhead. They use a rate of $30 per direct labor hour.
During the production period, company employees worked 10,000
direct labor hours, and had actual overhead costs of $305,000.
a.) Record the year-end journal entry to close out the
Manufacturing Overhead account to the Cost of Goods Sold
account.
b.) Was manufacturing overhead underapplied or was it
overapplied?
3.) Sorin Corp. uses process costing for its two production
departments: Cutting and Painting. The company’s manufacturing
information for the month of August is provided below: