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Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable.

Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable.

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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Beginning balance Goods completed Ending balance Beginning balance Ending balance Show Transcribed Text Beginning balance Ending balance Beginning balance Ending balance 3. Debit Beginning balance Debit Ending balance Debit Show Transcribed Text Finished Goods Inventory Debit Accounts Payable Show Transcribed Text Debit 0 Wages Payable Manufacturing Overhead Control 0 Materials Inventory 33,800 33,800 Credit Transfer to Cost of Goods Sold Credit Credit Credit Credit < Required A g Beginning balance Finished Goods Inventory Ending balance c Beginning balance Ending balance Debit Beginning balance Ending balance Beginning balance Ending balance Ending balance Debit Required B > Accumulated Depreciation-Property, Plant, and Equipment Debit Beginning balance Cost of Goods Sold 0 Debit Cash Applied Manufacturing Overhead Debit 0 0 Credit Work-in-Process Inventory Credit Credit Credit Credit Finished
Transcribed Image Text:Beginning balance Goods completed Ending balance Beginning balance Ending balance Show Transcribed Text Beginning balance Ending balance Beginning balance Ending balance 3. Debit Beginning balance Debit Ending balance Debit Show Transcribed Text Finished Goods Inventory Debit Accounts Payable Show Transcribed Text Debit 0 Wages Payable Manufacturing Overhead Control 0 Materials Inventory 33,800 33,800 Credit Transfer to Cost of Goods Sold Credit Credit Credit Credit < Required A g Beginning balance Finished Goods Inventory Ending balance c Beginning balance Ending balance Debit Beginning balance Ending balance Beginning balance Ending balance Ending balance Debit Required B > Accumulated Depreciation-Property, Plant, and Equipment Debit Beginning balance Cost of Goods Sold 0 Debit Cash Applied Manufacturing Overhead Debit 0 0 Credit Work-in-Process Inventory Credit Credit Credit Credit Finished
Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning $33,800 6,170 34,100 Ending ? ? $ 30,900 55,600
Transcribed Image Text:Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,700 of materials on account. 2. Issued $15,200 in direct materials to the production department. 3. Purchased $11,700 of materials on account. 4. Issued $935 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,900 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,400, which were credited to Wages Payable. 8. Issued $1,335 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,400 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,300. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning $33,800 6,170 34,100 Ending ? ? $ 30,900 55,600
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