1. Answer the following questions by analysing the T-accounts given below, Materials Inventory Work in Process Inventory Beg. balance $ 18,000 360,000 Ending balance $ 14,000 Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production

1. Answer the following questions by analysing the T-accounts given below, Materials Inventory Work in Process Inventory Beg. balance $ 18,000 360,000 Ending balance $ 14,000 Beg. balance $ 20,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $ 98,000 $230,000 Ending balance $ 5,000 Beg. balance Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000 a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 63E: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records...

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