Return to questior Required information [The following information applies to th

Question

Return to questior Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 174, 000 324, 000 180,000 During 20x2, products costing $120,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 227,000 18,000 30,000 Required:

Explanation / Answer

RAW MATERIAL INVENTORY Balance 227,000 Work in Process inv. 174,000 Ending Balance 53,000 MANUFACTURING OVERHEADS Accounts Payable 180,000 Work in process Inv. 180,000 Ending balance 0 Wages Payable Work in process Inv. 324,000 Balance 324000 Work In process Inventory Balance 18,000 Finished Goods Inventory 120,000 Raw material Inv. 174,000 Wages payable 324,000 Manufacturing Overheads 180,000 Balance 576,000 FINISHED GOODS INVENTORY Balance 30,000 Cost of Goods sold 132,000 WIP-Blending 120,000 Balance 18,000 Cost of Goods sold Finished Goods inventory 132,000 Balance 132,000 Sales revenue Account Accounts receivable 195,000 Balance 195000 Accounts receivable Sales revenue Account 195,000 Balance 195,000

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