Debit eginning Balance Debit eginning Balance Debit direct materials cost was: Raw Materials 4,600 4,800 Finished Goods 1,800 21,800 Wages & Salaries Payable Credit Credit Credit 20,000 Beginning Balance 8,200 Beginning Balance 20,000 Debit 2,100 11, 200 Debit Debit Work in Process 3,700 5,800 8,100 7,900 Manufacturing Overhead 2,400 3,100 2,800 Cost of Goods Sold 20,000 Credit Credit Credit 21,800 7,900

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:
Debit
Beginning Balance
Debit
Beginning Balance
Debit
The direct materials cost was:
Raw Materials
4,600
4,800
Finished Goods
1,800
21,800
Wages & Salaries Payable
Credit
Credit
Credit
20,000 Beginning Balance
8,200 Beginning Balance
20,000
Debit
2,100
11, 200
Debit
Debit
Work in Process
3,700
5,800
8,100
7,900
Manufacturing Overhead
2,400
3,100
2,800
Cost of Goods Sold
20,000
Credit
Credit
Credit
21,800
7,900
Transcribed Image Text:The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Debit Beginning Balance Debit Beginning Balance Debit The direct materials cost was: Raw Materials 4,600 4,800 Finished Goods 1,800 21,800 Wages & Salaries Payable Credit Credit Credit 20,000 Beginning Balance 8,200 Beginning Balance 20,000 Debit 2,100 11, 200 Debit Debit Work in Process 3,700 5,800 8,100 7,900 Manufacturing Overhead 2,400 3,100 2,800 Cost of Goods Sold 20,000 Credit Credit Credit 21,800 7,900
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