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Category > Accounting Posted 20 Sep 2017 My Price 9.00

Houzer Corporation

Job-order costing in a manufacturing company

Houzer Corporation makes custom-order furniture to meet the needs of disabled persons. On January

1, 2006, the company had the following account balances. $35,000 for both cash and common stock.

In 2006, Houzer worked on three special orders. The relevant direct operating costs follow.

 

 

Direct Labor

Direct Materials

Job 1

$1,500

$2,000

Job 2

900

700

Job 3

3,600

1,800

Total

$6,000

$9,500

 

Houzer’s predetermined manufacturing overhead rate was $0.40 per direct labor dollar. Actual manufacturing overhead costs amounted to $2,379. Houzer paid cash for all costs. The company completed and delivered Jobs 1 and 2 to customers during the year. Job 3 was incomplete at the end of the year. The company sold Job 1 for $6,600 cash and Job 2 for $3,200 cash. Tanner also paid $1,500 cash for selling and administrative expenses for the year. Houzer uses a just-in-time inventory management system. Consequently, it does not have raw materials inventory. Raw materials purchases are recorded directly in the Work in Process Inventory account.

Required

a. Record the preceding events in a horizontal statements model. In the Cash Flow column, designate the cash flow as operating activities (OA), investing activities (IA), or financing activities (FA). The first row shows beginning balances.

b. Record the entry to close the amount of under applied or over applied overhead for the year to Cost of Goods Sold (in the expense category) in the horizontal financial statements model.

c. Determine the gross margin for the year.

 

Answers

Maurice Tutor
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Status NEW Posted 20 Sep 2017 02:09 PM My Price 9.00

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