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1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory Beg. balance $ 20,000 Beg. balance $ 18,000 360,000 Ending balance $ 14,000 - 230,000 - 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $230,000 - Ending balance $ 5,000 $225,000 Beg. balance $ 98,000 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

1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory Beg. balance $ 20,000 Beg. balance $ 18,000 360,000 Ending balance $ 14,000 - 230,000 - 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $230,000 - Ending balance $ 5,000 $225,000 Beg. balance $ 98,000 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Answer the following questions by analysing the T-accounts given below.  

1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory $ 18,000 Beg. balance $ 20,000 -? Beg. balance 360,000 Ending balance $ 14,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000 - Ending balance $ 5,000 Beg. balance $ 98,000 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
Transcribed Image Text:1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work in Process Inventory $ 18,000 Beg. balance $ 20,000 -? Beg. balance 360,000 Ending balance $ 14,000 230,000 400,000 Ending balance $ 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000 - Ending balance $ 5,000 Beg. balance $ 98,000 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
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