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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:   Raw Materials Debit Credit Beginning Balance 4,750   8,500   4,950              Work in Process Debit Credit Beginning Balance 3,850   21,950   5,950       8,250       8,050              Finished Goods Debit Credit Beginning Balance 1,950   20,150   21,950              Manufacturing Overhead Debit Credit   2,550   8,050   3,250       2,950              Wages & Salaries Payable Debit Credit   20,150 Beginning Balance 2,250       11,500          Cost of Goods Sold Debit Credit   20,150                       The manufacturing overhead applied was:   Multiple Choice   $2,950   $3,250   $8,050   $14,200

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:   Raw Materials Debit Credit Beginning Balance 4,750   8,500   4,950              Work in Process Debit Credit Beginning Balance 3,850   21,950   5,950       8,250       8,050              Finished Goods Debit Credit Beginning Balance 1,950   20,150   21,950              Manufacturing Overhead Debit Credit   2,550   8,050   3,250       2,950              Wages & Salaries Payable Debit Credit   20,150 Beginning Balance 2,250       11,500          Cost of Goods Sold Debit Credit   20,150                       The manufacturing overhead applied was:   Multiple Choice   $2,950   $3,250   $8,050   $14,200

FINANCIAL ACCOUNTING
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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The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:

 

Raw Materials
Debit Credit
Beginning Balance 4,750   8,500
  4,950    
       
 
Work in Process
Debit Credit
Beginning Balance 3,850   21,950
  5,950    
  8,250    
  8,050    
       
 
Finished Goods
Debit Credit
Beginning Balance 1,950   20,150
  21,950    
       
 
Manufacturing Overhead
Debit Credit
  2,550   8,050
  3,250    
  2,950    
       
 
Wages & Salaries Payable
Debit Credit
  20,150 Beginning Balance 2,250
      11,500
       
 
Cost of Goods Sold
Debit Credit
  20,150    
       
       

 

The manufacturing overhead applied was:

 

Multiple Choice
  •  
    $2,950
  •  
    $3,250
  •  
    $8,050
  •  
    $14,200
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