Gilkison 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 October 1 appears below:
Summaries of the transactions completed during October appear below:
Required:a. Completely fill in the spreadsheet below.
b. Prepare a Schedule of Cost of Goods Sold for the company for October.c. Prepare an Income Statement for the company for October.

Question

Gilkison 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 October 1 appears below:
  Summaries of the transactions completed during October appear below:
  Required:a. Completely fill in the spreadsheet below.
  b. Prepare a Schedule of Cost of Goods Sold for the company for October.c. Prepare an Income Statement for the company for October.

Quizplus · Accepted Answer

The Answer of Gilkison 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 October 1 appears below:
  Summaries of the transactions completed during October appear below:
  Required:a. Completely fill in the spreadsheet below.
  b. Prepare a Schedule of Cost of Goods Sold for the company for October.c. Prepare an Income Statement for the company for October.

Gilkison Corporation Uses a Job-Order Costing System to Assign Manufacturing