The document provides partial T-account information and additional details for Renfrew & Company for the month of June. It includes information on direct labor hours, labor rate, manufacturing overhead rate, sales revenue, costs, and asks questions to calculate cost of goods sold, manufacturing overhead, work-in-process inventory, and operating profit/loss for the month.
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The following partially complete T-accounts for the month of June alo.pdf
1. The following partially complete T-accounts for the month of June along with additional
information are from Renfrew & Company: Additional information for June follows: -
Manufacturing overhead is applied at 90 percent of direct labor cost. - Direct labor-hours
recorded on jobs in June totaled 3,900. - During the month, sales revenue was $351,000, and
selling and administrative costs were $67,000. - The labor wage rate was $25 per hour. - This
company uses no indirect materials or supplies. - Any products returned by customers are
discarded and not resold. Required: a. What cost amount of direct materials was issued to
production during June? b. How much manufacturing overhead was applied to products during
June? c. What was the cost of products completed during June? d. What was the balance of the
Work-in-Process Inventory account at the end of June? e. What was the over- or underapplied
manufacturing overhead for June? f. What was the operating profit (loss) for June? Any over- or
underapplied overhead is written off to Cost of Goods Sold. Complete this question by entering
your answers in the tabs below. What was the balance of the Work-in-Process Inventory account
at the end of June?
