You skipped this question in the previous attempt Required information (The foll

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You skipped this question in the previous attempt Required information (The following information applies to the questions displayed below Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories BeginningEnding Raw materials inventory Work in process inventory Finished goods inventory $ 57,800 $ 89,580 412,580517,000 611,0 526,00e The following additional information describes the company's production activities for Mey Raw materials purchases (on credit) Factory wages cost (paid in cesh) Other overheed cost (Other Accounts credited) S 250,0ee 1,594,880 64,000 Materials used Direct Indirect 185,590 62,830 Labor used Direct Indirect s 800,e20 794,000 Overhead rate as a percent of direct labor Sales (on credit) 1158 $6, 500,000 8e.9, of 12 Next> o search

Explanation / Answer

Raw Materials(RM) Description Debit Credit Beginning Inventory $57,000 Purchase on credit $280,000 Direct materials used $185,500 Indirect materials used $62,000 Ending Inventory $89,500 Work in progress(WIP) Description Debit Credit Beginning Inventory $412,500 Direct Labor $800,000 Direct materials $185,500 Applied Overhead $920,000 (1.15*800000) Transferred to Finished goods $2,301,000 Ending Inventory $17,000 Factory Wages Payable Description Debit Credit Finished goods (FG) Description Debit Credit Beginning Inventory $611,000 Transferred in from Work in process $2,301,000 Transferred out to Cost of goods sold $2,886,000 Ending Inventory $26,000 Factory Overhead Description Debit Credit Other overhead costs $64,000 Indirect materials cost $62,000 Indirect labor $794,000 Applied Overhead $920,000 Under/Over applied Overhead $0 Income Statement (Partial) Sales $6,500,000 Cost of goods sold $2,886,000 Gross Profit $3,614,000 Cost of goods Transferred $2,301,000 Cost of goods sold $2,886,000

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