The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $19,000 of materials on account. 2. Issued $1J00 of supplies from the materials inventory. 3. Purchased $1,800 of materials on account. 4. Paid for the materials purchased in transaction () using cash. 5. Issued $14,200 in direct materials to the production department. 6. Incurred direct labor costs of $23.000, which were credited to Wages Payable. 7. Paid $21,800 cash for utilities, power, equipment malintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600. The following balances appeared in the accounts of Steve's Cabinets for April. Haterials Inventory Mork-in-Process Inventory Finished Goode Iventery Cont of Goodas sold Seginning nding 30, 540 7,200 33,800 s28,40 53,50 Required a. Prepare journal entries to record the transactions . Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required Prepare Taccounts to show the fow of costs during the perod from Materials Inventory through Cost of Goods Sold Materials ventery 30540 Workin Process inventory Beg ba Beg 7.200 1,100 19.000 1.1002 14200 Finahed Good 11.800 14.200 2870 End ba 44.040 23.000 74.205 End ba Manufachuring Overhead Centrol Appled Manufacturing Overhead Beg bal Deg ba End ba End te Accounts Payab
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $19,000 of materials on account. 2. Issued $1J00 of supplies from the materials inventory. 3. Purchased $1,800 of materials on account. 4. Paid for the materials purchased in transaction () using cash. 5. Issued $14,200 in direct materials to the production department. 6. Incurred direct labor costs of $23.000, which were credited to Wages Payable. 7. Paid $21,800 cash for utilities, power, equipment malintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600. The following balances appeared in the accounts of Steve's Cabinets for April. Haterials Inventory Mork-in-Process Inventory Finished Goode Iventery Cont of Goodas sold Seginning nding 30, 540 7,200 33,800 s28,40 53,50 Required a. Prepare journal entries to record the transactions . Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required Prepare Taccounts to show the fow of costs during the perod from Materials Inventory through Cost of Goods Sold Materials ventery 30540 Workin Process inventory Beg ba Beg 7.200 1,100 19.000 1.1002 14200 Finahed Good 11.800 14.200 2870 End ba 44.040 23.000 74.205 End ba Manufachuring Overhead Centrol Appled Manufacturing Overhead Beg bal Deg ba End ba End te Accounts Payab
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Manufacturing Overhead Control
Applied Manufacturing Overhead
Beg. bal.
Beg. bal.
End. bal.
End. bal.
Accounts Payable
Cash
Beg. bal.
4.
Beg. bal.
19,000
19,000 1.
11,800 3.
End. bal.
11,800
End. bal.
Wages Payable
Accumulated Depreciation-Property, Plant, and Equipme
Beg. bal.
Beg. bal.
End, bal.
End. bal.
Finished Goods Inventory
Cost of Goods Sold
Beg. bal.
Beg. bal.
Finished Goods
Inventory
End. bal.
Transfer to Cost of
Goods Sold
Goods completed
End, bal.
< Required A
eulled
Transcribed Image Text:The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm.
1. Purchased $19,000 of materials on account.
2. Issued $1,100 of supplies from the materials inventory.
3. Purchased $11,800 of materials on account.
4. Paid for the materials purchased in transaction (1) using cash.
5. Issued $14,200 in direct materials to the production department.
6. Incurred direct labor costs of $23,000, which were credited to Wages Payable.
7. Paid $21,800 cash for utilities, power, equipment maintenance, and other miscellaneous items for the
manufacturing plant.
8. Applied overhead on the basis of 125 percent of $23,000 direct labor costs.
9. Recognized depreciation on manufacturing property, plant, and equipment of $10,600.
The following balances appeared in the accounts of Steve's Cabinets for April.
Deginning Ending
$30,540
Materials Inventory
Mork-in-Process Inventory
Tinished Goods Inventory
Cont of Goods sold
7,200
33,800
$28,940
53,50
Required:
a. Prepare journal entries to record the transactions.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods
Sold.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold
Materials Inventory
Work-in Process inventory
7.200
Beg. bal
30,540
Beg bal
19.000
1,100 2
1,100
Finshed Good
11.800
14,2006
14.200
28,750
End. bal
46.040
23,000
End. bal
74,205
Manufacturing Overhead Centrol
Applied Manufacturing Overhead
eg bal,
Beg bal
End bal
End bel
Accounts Payabla
Cash
Bea tal
Bea bal
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education