The following partially completed T-accounts summarize last year\'s transactions
ID: 2345763 • Letter: T
Question
The following partially completed T-accounts summarize last year's transactions for Kelshaw Company.
Raw Materials
Work in Process
2,500
6,800
17,900
11,500
13,700
26,800
Manufacturing Overhead
Accounts Payable
7,300
11,500
4,500
2,500
Finished Goods
Wages & Salaries Payable
16,400
49,600
Sales Salaries Expense
Accumulated Depreciation (Factory)
8,400
Cost of Goods Sold
At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.
The following partially completed T-accounts summarize last year's transactions for Kelshaw Company.
Explanation / Answer
Answer: $11,500. $18,800 raw materials were put into production. $7,300 were indirect materials (manufacturing overhead was debited). $11,500 were direct materials (work in process was debited).
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