Complete the missing amounts and labels in the T-accounts. Begin with the Work-in-process———Cutting T-account, then complete each or the remaining T-accounts. (Abbreviations uses:COGS = Cost of Goods Sold, FG = Finishes Goods, WIP = Wordk-in-Process
Complete the missing amounts and labels in the T-accounts. Begin with the Work-in-process———Cutting T-account, then complete each or the remaining T-accounts. (Abbreviations uses:COGS = Cost of Goods Sold, FG = Finishes Goods, WIP = Wordk-in-Process
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Complete the missing amounts and labels in the T-accounts.
Begin with the Work-in-process———Cutting T-account, then complete each or the remaining T-accounts. (Abbreviations uses:COGS = Cost of Goods Sold, FG = Finishes Goods, WIP = Wordk-in-Process)

Transcribed Image Text:Work-in-Process Inventory-Cutting
90,000 Transfer out to
WIP-Finishing
Balance, May 1
Direct Materials
47,000
Direct Labor
13,000
Manufacturing Overhead
31,000
Balance, May 31
1,000
Work-in-Process Inventory-Finishing
Balance, May 1
10,000
80,000 Transfer out to
WIP-Packaging
Transfer in from WIP-Cutting
90,000
Direct Materals
19,000
Direct Labor
8,000
Manufacturing Overhead
22,000
Balance, May 31
69,000
Work-in-Process Inventory-Packaging
Balance, May 1
6,000
Transfer out to
WIP-Finishing
Transfer in from
WIP--Finishing
Direct Materials
7,000
Direct Labor
10,000
Manufacturing Overhead
7,000
Balance, May 31)
10,000
Choose from any list or enter.any number in the nput flelds and then oick Check Answer.
Expert Solution

Step 1
Here, process costing is being used. Output of cutting department will become input for finishing department and then output of finishing department will become input for packaging department
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