Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 Raw materials $ 6,000 $ 5,50 Factory supplies Work in process Finished goods 800 90 3,500 6,50 12,000 13,20 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (cre Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold

Selected account balances and transactions of Titan Foundry, Inc. follow: Beginning Bal May 1 Ending Bal May 31 Raw materials $ 6,000 $ 5,50 Factory supplies Work in process Finished goods 800 90 3,500 6,50 12,000 13,20 May transactions: a. Purchased raw materials and factory supplies on account at costs of $45,000 and $10,000, respectively. (One inventory account is maintained.) b. Incurred wages during the month of $65,000 ($15,000 was for indirect labor.) c. Incurred factory overhead costs in the amount of $42,000 on account. d. Made adjusting entries to record $10,000 of factory overhead for items such as depreciation (cre Various Credits). Factory overhead was closed to Work in Process. Completed jobs were transferred Finished Goods, and the cost of jobs sold was charged to Cost of Goods Sold. Required: Prepare Statement of Cost of Goods Manufactured and Cost of Goods Sold

Name: Selected account balances and transactions of Titan Foundry, Inc. fol
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Description: Selected account balances and transactions of Titan Foundry, Inc. follow:Beginning Bal May 1Ending Bal May 31$ 6,000$ 5,500900Raw materialsFactory suppliesWork in processFinished goods8006,50013,2003,50012,000May transactions:a. Purchased raw materi

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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