The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Bal. (b) Bal. Bal. (c) Bal. Manufacturing Overhead 424,000 (b) Bal. Work in Progress 116,000 (c) 221,000 126,000 465,000 113,000 Finished Goods 176,500 (d) 815,000 122,000 Item (a): Item (b): Work in Process, ending Finished Goods, ending. Cost of Goods Sold Overhead applied 465,000 41,000 815,000 Cost of Goods Sold 869,500 (d) The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: 869,500 $ 46,500 69,750 348,750 $465,000 For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d).
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Bal. (b) Bal. Bal. (c) Bal. Manufacturing Overhead 424,000 (b) Bal. Work in Progress 116,000 (c) 221,000 126,000 465,000 113,000 Finished Goods 176,500 (d) 815,000 122,000 Item (a): Item (b): Work in Process, ending Finished Goods, ending. Cost of Goods Sold Overhead applied 465,000 41,000 815,000 Cost of Goods Sold 869,500 (d) The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: 869,500 $ 46,500 69,750 348,750 $465,000 For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions
that affected those accounts during the year.
Bal.
(b)
Bal.
Bal.
(c)
Bal.
(d)
Manufacturing Overhead
424,000 (b)
Bal.
Work in Progress
116,000 (c)
221,000
126,000
465,000
113,000
Finished Goods
176,500 (d)
815,000
122,000
Item (a):
Item (b):
Item (c):
Cost of Goods Sold
869,500
Work in Process, ending
Finished Goods, ending
Cost of Goods Sold
Overhead applied
465,000
41,000
815,000
The overhead applied to production during the year is distributed among the ending balances in the accounts as follows:
869,500
$ 46,500
69,750
348,750
$465,000
For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year.
Required:
1. Identify the reasons for entries (a) through (d)."
Transcribed Image Text:es
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions
that affected those accounts during the year.
Bal.
(b)
Bal.
Bal.
(c)
Bal.
(d)
Manufacturing Overhead
424,000 (b)
Bal.
Work in Progress
116,000 (c)
221,000
126,000
465,000
113,000
Finished Goods
176,500 (d)
815,000
122,000
Item (a):
Item (b):
Item (c):
Cost of Goods Sold
869,500
Work in Process, ending
Finished Goods, ending
Cost of Goods Sold
Overhead applied
465,000
41,000
815,000
The overhead applied to production during the year is distributed among the ending balances in the accounts as follows:
869,500
$ 46,500
69,750
348,750
$465,000
For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year.
Required:
1. Identify the reasons for entries (a) through (d).
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