At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory2,000 Finished Goods Inventory8,000 Manufacturing Overhead0 The following additional details are provided for the year: Direct materials placed in production$80,000Direct labor incurred190,000Manufacturing overhead incurred300,000Manufacturing overhead allocated to production295,000Cost of jobs completed500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).

Cost accounting is one of the useful branch of accounting. Under this, different type of costs are…

Answered: At the beginning of the year,…

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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At the beginning of the year, Barrington Manufacturing had the following account balances:

Work-in-Process Inventory

2,000

Finished Goods Inventory

8,000

Manufacturing Overhead

The following additional details are provided for the year:

Direct materials placed in production	$80,000
Direct labor incurred	190,000
Manufacturing overhead incurred	300,000
Manufacturing overhead allocated to production	295,000
Cost of jobs completed	500,000

Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).

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