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Consider the following data for Birmingham Printing Company (in thousands):

Consider the following data for Birmingham Printing Company (in thousands):

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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Consider the following data for Birmingham Printing Company (in thousands): Inventories, December 31, 2011 Direct materials Work in process Finished goods Summarized transactions for 2012 are as follows: a. Purchases of direct materials b. Direct materials used c. Direct labor d. Factory overhead incurred e. Factory overhead applied, 80% of direct labor cost f. Cost of goods completed and transferred to finished goods g. Cost of goods sold h. Sales on account 1. 2. £12 20 130 £74 52 200 156 ? 417 532 742 Prepare summary journal entries for 2012 transactions. Omit explanations. Show the T-accounts for all inventories, Cost of Goods Sold, and Factory Department Overhead Control. Compute the ending balances of the inventories. Do not adjust for underapplied or overapplied factory overhead.
Transcribed Image Text:Consider the following data for Birmingham Printing Company (in thousands): Inventories, December 31, 2011 Direct materials Work in process Finished goods Summarized transactions for 2012 are as follows: a. Purchases of direct materials b. Direct materials used c. Direct labor d. Factory overhead incurred e. Factory overhead applied, 80% of direct labor cost f. Cost of goods completed and transferred to finished goods g. Cost of goods sold h. Sales on account 1. 2. £12 20 130 £74 52 200 156 ? 417 532 742 Prepare summary journal entries for 2012 transactions. Omit explanations. Show the T-accounts for all inventories, Cost of Goods Sold, and Factory Department Overhead Control. Compute the ending balances of the inventories. Do not adjust for underapplied or overapplied factory overhead.
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