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

See similar textbooks

Similar questions

Question: 1)Accounting Information System is a option: a) manual system b) computer-cased system required: please answer this question by choosing the right option.
What are some true statements regarding the use of a worksheet?
subject:accunting information system. Q: explainDocument flowcharts and give two examples.
What information is provided by a record layout diagram?
What is a data dictionary?
Landscape is O a. Page Layout O b. A Font Style c. Page Orientation O d. Paper Size
Please provide the introductory part and answer for question D.
Write a about memorandum message
Any help is appreciated, here is the question. https://drive.google.com/file/d/0B-AOAJtLKPhfOEJhR0RWRWtmT3BGVVljQUZaRko0Zkh2NDRr/view?usp=sharing
How do you access the Power Query interface?
How do you get a report into PDF format? Select an answer: You need to email the report and then convert it to PDF. Click on the Export button and Click on Export as PDF. You cannot export reports into PDF. You have to print the report and then scan it as a PDF.
Write a note on IFRS.