Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for use 151,644 Ending inventory ? Materials used in production 78,413 Work In Process Inventory Beginning inventory 253,210 Materials used in production ? Direct labor 125,900 Overhead applied 94,425 Manufacturing costs incurred ? Ending inventory 242,932 Cost of goods manufactured ? Finished Goods Inventory Beginning inventory 333,149 Cost of goods manufactured ? Goods available for sale ? Ending inventory 354,235 Cost of goods sold ? Prepare the journal entries to record the following events: The purchase of materials The completion of work in process The sale of finished goods (omit the revenue side of the sale)
Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for use 151,644 Ending inventory ? Materials used in production 78,413 Work In Process Inventory Beginning inventory 253,210 Materials used in production ? Direct labor 125,900 Overhead applied 94,425 Manufacturing costs incurred ? Ending inventory 242,932 Cost of goods manufactured ? Finished Goods Inventory Beginning inventory 333,149 Cost of goods manufactured ? Goods available for sale ? Ending inventory 354,235 Cost of goods sold ? Prepare the journal entries to record the following events: The purchase of materials The completion of work in process The sale of finished goods (omit the revenue side of the sale)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Account |
Dollar amount |
|
Beginning Materials Inventory |
$74,323 |
|
Purchases |
? |
|
Materials available for use |
151,644 |
|
Ending inventory |
? |
|
Materials used in production |
78,413 |
|
Work In Process Inventory |
|
|
Beginning inventory |
253,210 |
|
Materials used in production |
? |
|
Direct labor |
125,900 |
|
Overhead applied |
94,425 |
|
|
? |
|
Ending inventory |
242,932 |
|
Cost of goods manufactured |
? |
|
Finished Goods Inventory |
|
|
Beginning inventory |
333,149 |
|
Cost of goods manufactured |
? |
|
Goods available for sale |
? |
|
Ending inventory |
354,235 |
|
Cost of goods sold |
? |
Prepare the
- The purchase of materials
- The completion of work in process
- The sale of finished goods (omit the revenue side of the sale)
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