Reference no: EM132634674

Yanna corporation's records show the following information for the month of October. The Company is using job order costing and normal cost valuation method. You are given the following journal entries for the the month: (assume that only one entry is made for each month)

1. Work in Process(direct labor) 10000

Salaries payable. 10000

2. Direct material inventory. 15000

Accounts payable. 15000

3.finished goods inventory. 37000

Work in process inventory. 37000

4. Cost of good sold. 45000

Finished goods inventory. 45000

This entry does not include any over or under-applied overhead. Over or under-applied overhead is closed/witten off to cost of goods sold account at the end of the month. For October, the amount written off was 5% of overgead applied for October.

The work in process ending accoubg balance on October 31 was twice the beginning balance. The direct material ending inventory balance on october 31 was 7000 less than the beginning bakance. The october income statement shows cost of goods sold of 45400.

Requirements :

Question 1. Prepare the cost of goods manufactured schedule for the month of october.

Question 2. Overhead is applied on the basis of labor costs. What was the manufacturing overhead rate for october

Question 3. What was the work in process beginning inventory balance?

Question 4. What was the working in process ending inventory balance?

Question 5. How much manufacturing overhaed was incurred for october

Question 6. Determine the finished goods beginning inventory on oct. 1

Question 7. Determined the manufacturing overhead applied for the montn of october