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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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