Assignment Results ×1+ Question 3 (of 9) Award: 8.11 out of 11.11 points Exercis

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Assignment Results ×1+ Question 3 (of 9) Award: 8.11 out of 11.11 points Exercise 2-5 Prepare T-Accounts [LO2-5, LO2-7 ucin Enterpeins ecorded the folowing tansadions for the jst completed month The company had no beginning inventories a $94,000 in raw materials were purchased for cash b $89,000 in raw materials were requisitioned for use in production Of this amount $78,000 was for direct materials and the remainder was for indirect materials c. Total labor wages of $132,000 were incurred and paid Of this amount, $112,000 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $143,000 were incurred and paid e Manufacturing overhead costs of $152,000 were applied to jobs using the company's predetermined overhead rate f All of the jobs in progress at the end of the month were completed and shipped to customers g Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold 1. Post the above transactions to T-accounts. Beg Bal Beg Bal $4,000 94,000 132 000 143,000 89.000 369,000 End Bal 5,000 End. Bal O t a Type here to search

Explanation / Answer

Cash Raw Materials Beg.bal Beg.bal 94,000 a. a. 94,000 132,000 c. 89,000 b. 143,000 d. end bal 369,000 end bal 5,000 Work in process finished goods Beg.bal Beg.bal b. 78,000 f. 342,000 c. 112,000 342,000 g. e. 152,000 342,000 f. end bal 0 end bal 0 Manufacturing overhead cost of goods sold Beg.bal beg bal 0 b. 11,000 g. 342,000 c. 20,000 h. 22,000 d. 143,000 152,000 e 22,000 h End bal 0 end bal 364,000 Adjusted cost of goods sold 364,000

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