Asked by Ambrianna Jones on Apr 28, 2024
Verified
Huberty Corporation uses a job-order costing system to assign manufacturing costs to jobs.At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold.Its balance sheet on April 1 appears below: 
Summaries of the transactions completed during April appear below: 
Required:
a.Completely fill in the spreadsheet below.Because the page is too narrow to accommodate all of the columns, the spreadsheet has been divided into two parts that should be side by side. 
b.Prepare a Balance Sheet for the company for April 30.
Job-Order Costing System
A costing method used to accumulate costs of production by job or batch, suitable for manufacturing processes producing unique products or jobs.
Overapplied
Refers to a situation where the manufacturing overhead allocated to products is more than the actual manufacturing overhead incurred.
Underapplied
Describes a situation in cost accounting when the allocated manufacturing overhead costs are less than the actual overhead incurred, leading to a discrepancy that needs adjustment.
- Master the use of job-order costing in the preparation of significant financial reports such as Balance Sheets, Income Statements, and Schedules of Cost of Goods Manufactured and Sold.
- Cultivate the capacity to execute and inspect a job-order costing spreadsheet, segmenting its details into suitable categories for detailed fiscal study.
Verified Answer
Note: Entry (18), overapplied (underapplied)is a plug figure to make the ending balance in Manufacturing Overhead zero.b.
Learning Objectives
- Master the use of job-order costing in the preparation of significant financial reports such as Balance Sheets, Income Statements, and Schedules of Cost of Goods Manufactured and Sold.
- Cultivate the capacity to execute and inspect a job-order costing spreadsheet, segmenting its details into suitable categories for detailed fiscal study.
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