Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000 Direct labor 324,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226,000 16,000 Raw material Work in process Finished goods 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.
Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000 Direct labor 324,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226,000 16,000 Raw material Work in process Finished goods 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Reimel Furniture Company, Inc., incurred the following costs during 20x2.
Raw material used
$173,000
Direct labor
324,000
During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished,
and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the
year. The beginning balances in the firm's inventory accounts are as follows:
Raw material
$226,000
Work in process
16,000
Finished goods
30,000
Required:
1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.
Raw-Material Inventory
Work-in-Process Inventory
Beg. Bal.
Beg. Bal.
Direct material
Direct labor
Manufacturing overhead
End. Bal.
End. Bal.
Wages Payable
Manufacturing Overhead
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Finished-Goods Inventory
Sales Revenue
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Accounts Receivable
Cost of Goods Sold
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6ad914fb-c8b3-4de0-8b61-1a3c468fa66e%2Fd38ab325-68fe-45e4-814b-f14af54ad671%2Fi1xnvba_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Reimel Furniture Company, Inc., incurred the following costs during 20x2.
Raw material used
$173,000
Direct labor
324,000
During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished,
and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the
year. The beginning balances in the firm's inventory accounts are as follows:
Raw material
$226,000
Work in process
16,000
Finished goods
30,000
Required:
1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.
Raw-Material Inventory
Work-in-Process Inventory
Beg. Bal.
Beg. Bal.
Direct material
Direct labor
Manufacturing overhead
End. Bal.
End. Bal.
Wages Payable
Manufacturing Overhead
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Finished-Goods Inventory
Sales Revenue
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
Accounts Receivable
Cost of Goods Sold
Beg. Bal.
Beg. Bal.
End. Bal.
End. Bal.
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