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

question 9

Essay

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.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 October.
c.Prepare an Income Statement for the company for October.

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Definitions:

Managerial Accounting

The process of identifying, measuring, analyzing, interpreting, and communicating financial information to managers for the purpose of achieving organizational goals.

Management Accounting

The method of creating management reports and financial statements that offer precise and current financial and statistical data needed by managers for making daily and short-term choices.

Analytical Accounting

The practice of using financial and non-financial data to uncover trends and insights for business decision-making.

Planning

The process of making strategic decisions and setting objectives and goals for future organizational performance.