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Barker Products is a job shop. The following events occurred in September: 1. Purchased $15,000 of materials on account. 2. Issued $16,500 in direct materials to the production department. 3. Purchased $13,000 of materials on account. 4. Issued $1,000 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $21,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $26,000, which were credited to Wages Payable. 8, Issued $1,400 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $26,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,600. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Beginning $ 37,700 6,300 38,000 Ending 7 $ 33,500

Barker Products is a job shop. The following events occurred in September: 1. Purchased $15,000 of materials on account. 2. Issued $16,500 in direct materials to the production department. 3. Purchased $13,000 of materials on account. 4. Issued $1,000 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $21,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $26,000, which were credited to Wages Payable. 8, Issued $1,400 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $26,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,600. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Beginning $ 37,700 6,300 38,000 Ending 7 $ 33,500

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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Barker Products is a job shop. The following events occurred in September: 1. Purchased $15,000 of materials on account. 2. Issued $16,500 in direct materials to the production department. 3. Purchased $13,000 of materials on account. 4. Issued $1,000 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1) 6. Paid $21,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $26,000, which were credited to Wages Payable. 8. Issued $1,400 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $26,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,600. 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 Beginning $ 37,700 6,300 30,000 Ending 7 7 $33,500 62,100 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory
Transcribed Image Text:Barker Products is a job shop. The following events occurred in September: 1. Purchased $15,000 of materials on account. 2. Issued $16,500 in direct materials to the production department. 3. Purchased $13,000 of materials on account. 4. Issued $1,000 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1) 6. Paid $21,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $26,000, which were credited to Wages Payable. 8. Issued $1,400 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $26,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,600. 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 Beginning $ 37,700 6,300 30,000 Ending 7 7 $33,500 62,100 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory
Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory Beginning balance 1. 3. Ending balance Beginning balance 4. 6. 8. Ending balance Beginning balance Ending balance Beginning balance Ending balance Beginning balance Goods completed Ending balance Debit Manufacturing Overhead Control Debit Debit Debit Debit Accounts Payable Wages Payable Finished Goods Inventory 0 Credit 2 4. 8. Credit Credit Credit Credit Transfer to Cost of Goods Sold Beginning balance Ending balance Beginning balance Ending balance Debit Applied Manufacturing Overhead Debit Beginning balance Ending balance Beginning balance < Required A Ending balance Debit Debit Debit Beginning balance Finished Goods Inventory Ending balance Accumulated Depreciation-Property, Plant, and Equipment Credit Cash Required B > 0 Cost of Goods Sold Credit Finished Goods Credit Credit Credit
Transcribed Image Text:Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory Beginning balance 1. 3. Ending balance Beginning balance 4. 6. 8. Ending balance Beginning balance Ending balance Beginning balance Ending balance Beginning balance Goods completed Ending balance Debit Manufacturing Overhead Control Debit Debit Debit Debit Accounts Payable Wages Payable Finished Goods Inventory 0 Credit 2 4. 8. Credit Credit Credit Credit Transfer to Cost of Goods Sold Beginning balance Ending balance Beginning balance Ending balance Debit Applied Manufacturing Overhead Debit Beginning balance Ending balance Beginning balance < Required A Ending balance Debit Debit Debit Beginning balance Finished Goods Inventory Ending balance Accumulated Depreciation-Property, Plant, and Equipment Credit Cash Required B > 0 Cost of Goods Sold Credit Finished Goods Credit Credit Credit
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