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

question 22

Essay

Angeloni 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 July 1 appears below: Summaries of the transactions completed during July 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 Schedule of Cost of Goods Sold for the company for July.
c.Prepare an Income Statement for the company for July.

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Definitions:

Subcontractor

An individual or business that signs a contract to perform part or all of the obligations of another's contract.

Plumbing Materials

Supplies and fixtures used in the installation, maintenance, and repair of water and drainage systems in buildings.

Electronic Record

Digital information that is recorded and stored in a form usable by a computer; it can include texts, images, data, or any other information in digital format.

Repossess

The process by which a lender takes back property from the borrower due to failure in making the agreed payments.