Hawkeye pierce, Inc. had one job in process at the beginning of the period (Job #1). During the period, Hawkeye began work on Jobs #2, and #3.

Hawkeye pierce, Inc. had one job in process at the beginning of the period (Job #1). During the period, Hawkeye began work on Jobs #2, and #3. At the end of the period, Job #1 had been sold, Job #2 was finished, and Job #3 was still in process. Hawkeye applies overhead to jobs based on machine hours. The inventory balances at the beginning of the year were:$40,50035,0000The following relevant events occurred during the period:1. Purchased raw materials costing $150,0002. Issued direct materials into production:$25,00080,00070,0003. Issued indirect materials into production, $5,0004. used direct labor hours. Direct labor is paid $8 per hour.5,000 hours20,000 hours8,000 hours5. Used indirect labor, $40,0006. Other overhead costs incurred, $190,0007. Machine hours used. The predetermined overhead rate is $10 per machine hour2,000 hours15,000 hours6,000 hours8. Selling and administrative costs incurred, $65,0009. Job #1 sold for $260,0001. What is Hawkeye’s cost of goods manufactured?2. What is Hawkeye’s cost of goods sold (adjusted)?3. What is Hawkeye’s net income (before tax)?4. What amount would be shown on Hawkeye’s balance sheet for each of teh following accounts?Raw materials inventoryWIP invnetoryFinished goods inventory

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