The following inventory information is available for Cullumber Manufacturing Corporation for the year ended December 31, 2022: Beginning Ending Inventories: Raw materials $18,020 $20,140 Work in process 9,540 14,840 Finished goods 11,660 8,480 Total $39,220 $43,460 In addition, the following transactions occurred in 2022: 1. Raw materials purchased on account, $79,500. 2. Incurred factory labor, $84,800, all is direct labor. Incurred the following overhead costs during the year: utilities $7,208, depreciation on manufacturing machinery $8,480, manufacturing machinery repairs $9,752, factory insurance $9,540 (Credit Accounts Payable and Accumulated Depreciation). 3. 4. Assigned $84,800 of factory labor to jobs. 5. Applied $38,160 of overhead to jobs.

The following inventory information is available for Cullumber Manufacturing Corporation for the year ended December 31, 2022: Beginning Ending Inventories: Raw materials $18,020 $20,140 Work in process 9,540 14,840 Finished goods 11,660 8,480 Total $39,220 $43,460 In addition, the following transactions occurred in 2022: 1. Raw materials purchased on account, $79,500. 2. Incurred factory labor, $84,800, all is direct labor. Incurred the following overhead costs during the year: utilities $7,208, depreciation on manufacturing machinery $8,480, manufacturing machinery repairs $9,752, factory insurance $9,540 (Credit Accounts Payable and Accumulated Depreciation). 3. 4. Assigned $84,800 of factory labor to jobs. 5. Applied $38,160 of overhead to jobs.

Name: The following inventory information is available for Cullumber Manufa
Uploaded: 2024-03-20T06:32:37.000Z
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Description: The following inventory information is available for Cullumber Manufacturing Corporation for the year ended December 31, 2022:BeginningEndingInventories:Raw materials$18,020$20,140Work in process9,54014,840Finished goods11,6608,480Total$39,220$43,46

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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