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ment Accounting Required 21ries to a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

ment Accounting Required 21ries to a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

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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good morning, I ask help with this preblem in the photos. I also ask if you can explain me how the COGS and finished good cost are computed? with all the precise steps(please!). thank you very much. 

ps. this exercise is also on this website, but i still don't get how the Cogs and finished goods cost are computed (from "fundamental of cost accounting" 6th ed., CH.7 problem: 22E). 

Are there alutni baru cal issues that might arise? connect TIT2 bou 7-22. Assigning Costs to Jobs The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. ron All applicable Exercises are included in Connect. adol, or elsorgin pe Materials Inventory ..... Work-in-Process Inventory Finished Goods Inventory.. Cost of Goods Sold . . . . . 1. Purchased $80,000 of materials. noitubong of boueri alsiastern sdi lo 00.212 bomulo 2. Issued $4,000 of supplies from the materials inventory. nobyolgme todal seria à 3. Purchased $56,000 of materials. som si tot een subenullsozing 101 000 0212 bieg 5 4. Paid for the materials purchased in transaction (1). 5. Issued $68,000 in direct materials to the production department. bboxingoood 8 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable. 7. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous 4 201 jesy adi to uninnised or 1A, 9tei bonimnotabeng, Iscons 8. items for the manufacturing plant. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. 169V 511 101-21/05 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve's Cabinets for April. .. Me Graw Mill Envertion Beginning Ending $148,200 220019-?2-12.200 33,000 abood bar? ig 166,00002 inom (LO Ri $143,200 263,400
Transcribed Image Text:Are there alutni baru cal issues that might arise? connect TIT2 bou 7-22. Assigning Costs to Jobs The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. ron All applicable Exercises are included in Connect. adol, or elsorgin pe Materials Inventory ..... Work-in-Process Inventory Finished Goods Inventory.. Cost of Goods Sold . . . . . 1. Purchased $80,000 of materials. noitubong of boueri alsiastern sdi lo 00.212 bomulo 2. Issued $4,000 of supplies from the materials inventory. nobyolgme todal seria à 3. Purchased $56,000 of materials. som si tot een subenullsozing 101 000 0212 bieg 5 4. Paid for the materials purchased in transaction (1). 5. Issued $68,000 in direct materials to the production department. bboxingoood 8 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable. 7. Paid $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous 4 201 jesy adi to uninnised or 1A, 9tei bonimnotabeng, Iscons 8. items for the manufacturing plant. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. 169V 511 101-21/05 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve's Cabinets for April. .. Me Graw Mill Envertion Beginning Ending $148,200 220019-?2-12.200 33,000 abood bar? ig 166,00002 inom (LO Ri $143,200 263,400
ncial and Management Accounting various Required 210 ADITIRS a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. et Blusban 2) ) 7-23. Assigning Costa
Transcribed Image Text:ncial and Management Accounting various Required 210 ADITIRS a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. et Blusban 2) ) 7-23. Assigning Costa
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