Complete the missing amounts and labels in the T-accounts. A (Click the icon to view the T-accounts.) Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 O Transfer out to Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000
Complete the missing amounts and labels in the T-accounts. A (Click the icon to view the T-accounts.) Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 O Transfer out to Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter 20, Question 2. Part 1. Attached are possible answers for second part.
Transcribed Image Text:Complete the missing amounts and labels in the T-accounts.
A (Click the icon to view the T-accounts.)
Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process)
Work-in-Process Inventory-Cutting
Balance, May 1
ol
O Transfer out to
Direct Materials
57,000
Direct Labor
5,000
Manufacturing Overhead
39,000
Balance, May 31
16,000
Transcribed Image Text:utting
Transfer out to
COGS
FG Inventory
WIP-Cutting
WIP-Finishing
WIP-Packaging
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