Account Titles and ExplanationDebitCreditDirect Materials Inventory583000Accounts Payable58300(To record purchase of direct materials)Manufacturing Overhead132000(10 recora appiiea manuracturing overnead)Supplies Inventory132007.Finished Goods Inventory2410000(To record use of indirect materials in production)Work in Process Inventory569000Work in Process Inventory24100056900(To record transfer of completed goods to Finished GoodsInventory)Direct Materials Inventory(To record use of direct materials in production)8.Cost of Goods Sold2398000Work in Process Inventory791000Wages Payable79100Finished Goods Inventory239800(To record direct labor payroll)(To record cost of goods sold for the period)Manufacturing Overhead690000Accounts Payable690001(To record actual manufacturing overhead)Work in Process Inventory1071000Manufacturing Overhead107100 Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process Inventory, ManufacturingOverhead Control, and Finished Goods Inventory. Record the transactions from part (a) in the T-accounts and calculateending account balances. Assume the following beginning account balances (Post entriesorder presented in theproblem):AccountBalanceDirect Materials Inventory$36,000Work in Process Inventory$24,000Finished Goods Inventory$48,000Direct Materials InventoryBal.36000(1) vBl.Work in Process InventoryBl.24000Bl.

Work in process inventory is that inventory which is yet to be completed to take the form of…

Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process Inventory, Manufacturing Overhead Control, and Finished Goods Inventory. Record the transactions from part (a) in the T-accounts and calculate ending account balances. Assume the following beginning account balances (Post entries in order presented in the problem): Account Balance Direct Materials Inventory $36,000 Work in Process Inventory $24,000 Finished Goods Inventory $48,000 Direct Materials Inventory Bal 36000 (1) Bal Work in Process Inventory Bal 24000 Bal

Prepare T-accounts for the following accounts: Direct Materials Inventory, Work in Process Inventory, Manufacturing Overhead Control, and Finished Goods Inventory. Record the transactions from part (a) in the T-accounts and calculate ending account balances. Assume the following beginning account balances (Post entries in order presented in the problem): Account Balance Direct Materials Inventory $36,000 Work in Process Inventory $24,000 Finished Goods Inventory $48,000 Direct Materials Inventory Bal 36000 (1) Bal Work in Process Inventory Bal 24000 Bal

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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McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex
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As production takes place, all manufacturing costs are added to the: a. Finished-Goods Inventory account. O b. Manufacturing-Overhead Inventory account. O C. Production Labor account. O d. Work-in-Process Inventory account. е. Cost-of-Goods-Sold account. US PAGE NEXT PAGE MAR 18 tv MacBook Air DII F5 F6 F7 F8
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4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: K Work in process inventory $0 Raw materials inventory Finished goods inventory $28,800 $40,200 (Click the icon to view additional data.) What is the work in process inventory balance on January 31? OA. $27,280 OB. $98,031 OC. $69,231 OD. $7280 CO
Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…