Barker Products is a job shop. The following events occurred in September: 1. Purchased $14,000 of materials on account. 2. Issued $15,500 in direct materials to the production department. 3. Purchased $12,000 of materials on account. 4. Issued $950 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $24,000, which were credited to Wages Payable. 8. Issued $1,350 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $24,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,600. The following balances appeared in the accounts of Barker Products for September: Beginning $ 34,700 6,200 35,000 Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Ending ? ? $ 31,500 57,100 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

Barker Products is a job shop. The following events occurred in September: 1. Purchased $14,000 of materials on account. 2. Issued $15,500 in direct materials to the production department. 3. Purchased $12,000 of materials on account. 4. Issued $950 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $24,000, which were credited to Wages Payable. 8. Issued $1,350 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $24,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,600. The following balances appeared in the accounts of Barker Products for September: Beginning $ 34,700 6,200 35,000 Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Ending ? ? $ 31,500 57,100 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

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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