Required: Journalize the transactions for August.Post transactions to the general ledger accounts fort Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured t August using actual costing. Prepare an income statement, including a detailed schedule of of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the produc 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the res was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in Augu 7.Had straight line depreciation on factory equipment of $40,000. 8.Applied actual overhead to Work Process Inventory. 9 Transferred goods costing $320 000 to Finished Goods Inventory
Required: Journalize the transactions for August.Post transactions to the general ledger accounts fort Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured t August using actual costing. Prepare an income statement, including a detailed schedule of of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the produc 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the res was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in Augu 7.Had straight line depreciation on factory equipment of $40,000. 8.Applied actual overhead to Work Process Inventory. 9 Transferred goods costing $320 000 to Finished Goods Inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![If You Company had the following account balances as of August 1, 2018:
Raw Material(direct&indirect)inventory
Work in Process Inventory
$20,300
$7,000
$18,000
Finished Goods Inventory
Required:
Journalize the transactions for August.Post transactions to the general ledger accounts for WIP,
Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured for
August using actual costing. Prepare an income statement, including a detailed schedule of cost
of goods sold.
1.Purchased $164,000 of raw material on account.
2.Issued $180,000 of raw material of which $134,000 was direct to the product.
3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the rest
was for supervisors' salaries.
4.Accrued utility cost of $7,000; of these costs $1600 were fixed.
5.Accrued property taxes on the factory in the amount of $2,000.
6.Had prepaid insurance of $1,600 on factory equipment that expired in August.
7.Had straight line depreciation on factory equipment of $40,000.
8.Applied actual overhead to Work Process Inventory.
9.Transferred goods costing $320,000 to Finished Goods Inventory.
10.Had total sales on account of $70,000.
11.Had cost of goods sold of $330,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F908d0f18-83c4-4f65-97f4-c5a2bc0ed3e6%2F245a344b-08e6-45f6-90ab-ccce79dd079e%2F5u6h8ml_processed.jpeg&w=3840&q=75)
Transcribed Image Text:If You Company had the following account balances as of August 1, 2018:
Raw Material(direct&indirect)inventory
Work in Process Inventory
$20,300
$7,000
$18,000
Finished Goods Inventory
Required:
Journalize the transactions for August.Post transactions to the general ledger accounts for WIP,
Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured for
August using actual costing. Prepare an income statement, including a detailed schedule of cost
of goods sold.
1.Purchased $164,000 of raw material on account.
2.Issued $180,000 of raw material of which $134,000 was direct to the product.
3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the rest
was for supervisors' salaries.
4.Accrued utility cost of $7,000; of these costs $1600 were fixed.
5.Accrued property taxes on the factory in the amount of $2,000.
6.Had prepaid insurance of $1,600 on factory equipment that expired in August.
7.Had straight line depreciation on factory equipment of $40,000.
8.Applied actual overhead to Work Process Inventory.
9.Transferred goods costing $320,000 to Finished Goods Inventory.
10.Had total sales on account of $70,000.
11.Had cost of goods sold of $330,000.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education