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) Work-in-Process Inventory-Cutting90,000 Transfer out toWIP-FinishingBalance, May 1Direct Materials47,000Direct Labor13,000Manufacturing Overhead31,000Balance, May 311,000Work-in-Process Inventory-FinishingBalance, May 110,00080,000 Transfer out toWIP-PackagingTransfer in from WIP-Cutting90,000Direct Materals19,000Direct Labor8,000Manufacturing Overhead22,000Balance, May 3169,000Work-in-Process Inventory-PackagingBalance, May 16,000Transfer out toWIP-FinishingTransfer in fromWIP--FinishingDirect Materials7,000Direct Labor10,000Manufacturing Overhead7,000Balance, May 31)10,000Choose from any list or enter.any number in the nput flelds and then oick Check Answer.

Answered: Complete the missing amounts and labels…

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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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)

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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