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Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Raw-Materials Inventory 21,000 ? 36,000 Work-in-Process Inventory 17,000 ? ? ? ? 19,000 ? Manufacturing Overhead ? 147,000 ? Wages Payable 2,000 ? 5,000 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Accounts Payable 2,500 ? 1,000 136,500 Finished-Goods Inventory 12,000 ? ? 20,000 Cost of Goods Sold 710,000 Sales Revenue ? Accounts Receivable 11,000 ? 15,000 806,000 Bal. 1/1 Bal. 12/31

Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Raw-Materials Inventory 21,000 ? 36,000 Work-in-Process Inventory 17,000 ? ? ? ? 19,000 ? Manufacturing Overhead ? 147,000 ? Wages Payable 2,000 ? 5,000 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Accounts Payable 2,500 ? 1,000 136,500 Finished-Goods Inventory 12,000 ? ? 20,000 Cost of Goods Sold 710,000 Sales Revenue ? Accounts Receivable 11,000 ? 15,000 806,000 Bal. 1/1 Bal. 12/31

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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This company produces microwaveable vegetables. The following accounts appeared in their ledger as of December 31. 

Additional Info: 

a. accounts payable is used only for direct-material purchases.

b. underapplied overhead of $2500 for the year has not yet been closed into cost of goods sold.

Complete the T accounts by computing the amounts indicated by a question mark.

 

Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Raw-Materials Inventory 21,000 ? 36,000 Work-in-Process Inventory 17,000 ? ? ? 19,000 ? ? Manufacturing Overhead ? 147,000 ? Wages Payable 2,000 ? 5,000 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Accounts Payable 2,500 ? 136,500 Finished-Goods Inventory 12,000 ? 20,000 1,000 ? Cost of Goods Sold 710,000 Sales Revenue 15,000 ? Accounts Receivable 11,000 ? 806,000 Bal. 1/1 Bal. 12/31
Transcribed Image Text:Bal. 1/1 Bal. 12/31 Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Raw-Materials Inventory 21,000 ? 36,000 Work-in-Process Inventory 17,000 ? ? ? 19,000 ? ? Manufacturing Overhead ? 147,000 ? Wages Payable 2,000 ? 5,000 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Bal. 1/1 Bal. 12/31 Accounts Payable 2,500 ? 136,500 Finished-Goods Inventory 12,000 ? 20,000 1,000 ? Cost of Goods Sold 710,000 Sales Revenue 15,000 ? Accounts Receivable 11,000 ? 806,000 Bal. 1/1 Bal. 12/31
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