Record the amount in each account affected by the transactions/adjustments below. Note: These are not complete journal entries not all rows will have more than one entry and they will not balance like previous transactions. Beginning Inventory Purchased $10,000 of raw materials Transferred $13,000 direct materials to factory for production. Production required $7,200 of direct labor. Applied overhead at $2 per each dollar of direct Completed work on production costing $32,120. Sold products that cost $17,530 to produce for $35,000 in sales. Actual overhead totaled $16,000. Ending Balances Raw Materials $12,500 Work In Process $3,600 Finished Goods Cost of Goods Sold $5,980 Sales $0 $0 $12,500 $3,600 $5,980 $0 $0
Record the amount in each account affected by the transactions/adjustments below. Note: These are not complete journal entries not all rows will have more than one entry and they will not balance like previous transactions. Beginning Inventory Purchased $10,000 of raw materials Transferred $13,000 direct materials to factory for production. Production required $7,200 of direct labor. Applied overhead at $2 per each dollar of direct Completed work on production costing $32,120. Sold products that cost $17,530 to produce for $35,000 in sales. Actual overhead totaled $16,000. Ending Balances Raw Materials $12,500 Work In Process $3,600 Finished Goods Cost of Goods Sold $5,980 Sales $0 $0 $12,500 $3,600 $5,980 $0 $0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Record the amount in each account affected by the transactions/adjustments below. Note: These are not
complete journal entries not all rows will have more than one entry and they will not balance like
previous transactions.
Beginning Inventory
Purchased $10,000 of raw materials
Transferred $13,000 direct materials to factory for
production.
Production required $7,200 of direct labor.
Applied overhead at $2 per each dollar of direct
Completed work on production costing $32,120.
Sold products that cost $17,530 to produce for
$35,000 in sales.
Actual overhead totaled $16,000.
Ending Balances
Raw Materials
$12,500
Work In Process
$3,600
Finished Goods Cost of Goods Sold
$5,980
Sales
$0
$0
$12,500
$3,600
$5,980
$0
$0
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