Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 190,000 Factory Wages 575,000 575,000 Manufacturing Overhead 95,000 51000 51700 45,000 Work in Process Inv. 3,300 185,000 $30,000 5,700 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Various financial figures have been provided for manufacturer Rayquaza Company.
Raw Materials Inv.
22,000
195,000
27,000
Factory Wages
575,000
190,000
$
575,000
Manufacturing Overhead
95,000
5,000
5,700
45,000
Work in Process Inv.
3,300
185,000
530,000
5,700
24,000
Additional Information:
1.) Raw materials purchases total $195,000.
2.) Factory payroll for the period totals $575,000.
3.) Other overhead costs total $95,000 for the period.
6.) Overhead for the period is over-applied by $5,700.
7.) Ending inventory account balances are as follows:
Finished Goods Inv.
Raw materials inventory $27,000
Work in process inventory $19,300
Finished goods inventory $43,000
62,000
4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials.
5.) Time tickets show $530,000 for direct labor costs.
Cost of Goods Sold
Required: Use the additional information to complete the T-accounts and compute the ending
balance for each account.
11
Transcribed Image Text:points) Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 Factory Wages 575,000 190,000 $ 575,000 Manufacturing Overhead 95,000 5,000 5,700 45,000 Work in Process Inv. 3,300 185,000 530,000 5,700 24,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11
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