Concord Corp. designs and manufactures mascot uniforms for high school, college,

Question

Concord Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team’s uniform is unique in color and design, Concord uses a job order costing system. On January 1, the T-accounts for some of Concord’s primary balance sheet accounts were as follows:

During the year, the following events occurred:

12.

At year-end, all wages earned during the year had been paid.

Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.)

Raw Materials Inventory Work in Process Inventory Beg. 16,000 Beg. 30,200

Explanation / Answer

Solution:

Raw materials inventory Event Debit Event Credit Beg. $16,000.00 2 $93,000.00 1 $83,000.00 End $6,000.00 Total $99,000.00 Total $99,000.00

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