The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:Raw MaterialsWork in ProcessBeg Bal5,1009,200Beg Bal4,20022,3005,3006,3008,6008,400Finished GoodsManufacturing OverheadBeg Bal2,30020,5002,9008,40022,3003,6003, зеWages & Salaries PayableCost of Goods Sold20,500Beg Bal2,600Beg Bal20,50012, 200The Cost of Goods Manufactured was: Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,050 of direct materials, $6,990 of direct labor, and $10,006 ofmanufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.90 per direct labor-hour.During May, the following activity was recorded:Raw materials (all direct materials):Beginning balancePurchased during the monthUsed in production$ 8,750$38,250$39,550Labor:Direct labor-hours worked during the month2,150$24,760$33,550Direct labor cost incurredActual manufacturing overhead costs incurredInventories:Raw materials, May 30Work in process, May 30$17,e02Work in process inventory on May 30 contains $3,786 of direct labor cost. Raw materials consist solely of items that are classified as direct materials.The balance in the raw materials inventory account on May 30 was:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Work in Process Beg Bal 5,100 9,200 Beg Bal 4,200 6,300 8,600 22,300 5,300 8,400 Finished Goods Manufacturing Overhead Beg Bal 2,зее 20,500 2,900 3,600 3, зе 8,400 22, 3ее Wages & Salaries Payable Cost of Goods Sold 20,500 Beg Bal 2,600 12,200 Beg Bal 20,500 The Cost of Goods Manufactured was:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Work in Process Beg Bal 5,100 9,200 Beg Bal 4,200 6,300 8,600 22,300 5,300 8,400 Finished Goods Manufacturing Overhead Beg Bal 2,зее 20,500 2,900 3,600 3, зе 8,400 22, 3ее Wages & Salaries Payable Cost of Goods Sold 20,500 Beg Bal 2,600 12,200 Beg Bal 20,500 The Cost of Goods Manufactured was:

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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