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1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplles from the materials inventory. 3. Purchased $12,100 of materials on account. 4. Pald for the materials purchased in transaction (1) using cash. 5. Issued $14,500 in direct materials to the production department. 6. Incurred direct labor costs of $24,500, which were credited to Wages Payable. 7. Paid $22,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $24,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,900. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning Ending

1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplles from the materials inventory. 3. Purchased $12,100 of materials on account. 4. Pald for the materials purchased in transaction (1) using cash. 5. Issued $14,500 in direct materials to the production department. 6. Incurred direct labor costs of $24,500, which were credited to Wages Payable. 7. Paid $22,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $24,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,900. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning Ending

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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A. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of costs during the period from Materials inventory through Cost of Goods sold.
1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplies from the materials inventory. 3. Purchased $12,100 of materials on account. 4. Pald for the materials purchased in transaction (1) using cash. 5. Issued $14,500 in direct materials to the production department. 6. Incurred direct labor costs of $24,500, which were credited to Wages Payable. 7. Paid $22,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $24,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,900. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning $30,990 7,500 34,100 Ending Materials Inventory Work-in-Process Inventory $29,090 54,030 Finished Goods Inventory Cost of Goods Sold Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B D E G > Purchased $20,500 of materials on account.
Transcribed Image Text:1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplies from the materials inventory. 3. Purchased $12,100 of materials on account. 4. Pald for the materials purchased in transaction (1) using cash. 5. Issued $14,500 in direct materials to the production department. 6. Incurred direct labor costs of $24,500, which were credited to Wages Payable. 7. Paid $22,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $24,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,900. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning $30,990 7,500 34,100 Ending Materials Inventory Work-in-Process Inventory $29,090 54,030 Finished Goods Inventory Cost of Goods Sold Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B D E G > Purchased $20,500 of materials on account.
Seved s Exam 2 f Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Work-In-Process Inventory Materials Inventory Beg. bal. Beg. bal, Finished Goods End. bal. End. bal. Applied Manufacturing Overhead Manufacturing Overhead Control Beg. bal. Beg. bal. End. bal. End. bal. Cash Accounts Payable Beg. bal. Beg. bal. End. bal End. bal. Wages Payable Accumulated Depreciation-Property, Plant, and Equipment Beg. bal. Beg. bal. End. bal. End. bal. Cost of Goods Sold Finished Goods Inventory Bog bal. Finishod Goods Inventory Beg. bal. Goods completed Transfer to Cost of Goods Sold End. bal. End. bal. < Requlred A
Transcribed Image Text:Seved s Exam 2 f Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Work-In-Process Inventory Materials Inventory Beg. bal. Beg. bal, Finished Goods End. bal. End. bal. Applied Manufacturing Overhead Manufacturing Overhead Control Beg. bal. Beg. bal. End. bal. End. bal. Cash Accounts Payable Beg. bal. Beg. bal. End. bal End. bal. Wages Payable Accumulated Depreciation-Property, Plant, and Equipment Beg. bal. Beg. bal. End. bal. End. bal. Cost of Goods Sold Finished Goods Inventory Bog bal. Finishod Goods Inventory Beg. bal. Goods completed Transfer to Cost of Goods Sold End. bal. End. bal. < Requlred A
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