2 recorded the following transactions for the just completed month. The company

Question

2 recorded the following transactions for the just completed month. The company had no beginning inventories a. $75,300 in raw materials were purchased for cash. b. $7 2,500 in raw materials were used in production. Of this amount, $65,100 was for direct materials and the remainder was for or wages of $152.200 were incurred and paid. Of this amount, $134,900 was for direct labor and the remainder was for indirect i materia c. Total labo indirect labor d. Addit e. Manufacturing overhead of $126,400 was applied to production using the company's predetermined overhead rate. f All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold ional manufacturing overhead costs of $125,700 were incurred and paid. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine the adjusted cost of goods sold for the period.

Explanation / Answer

Rreq 1. RAW MATERIAL INVENTORY Balance 0 Work in process 65,100 Cash 75,300 Manufacturing OH 7,400 Ending Balance 2,800 MANUFACTURING OVERHEADS Raw material Inv. 7,400 Work in process 126,400 Manufacturing Wages 17,300 Cost of goods sold 24,000 Cash 125,700 Ending balance 0 Manufacturing Wages Wages payable 152,200 Work in process 134,900 Manufacturing OH 17300 Balance 0 WORK IN PROCESS INVENTORY-BOTTLING Balance 0 Finished Goods Inventory 326,400 Raw material Inv. 65,100 Manufacturing Wages 134,900 Manufacturing Overheads 126,400 Balance 53,000 FINISHED GOODS INVENTORY Balance 0 Cost of Goods sold 326,400 Work in process Inv. 326,400 Balance 0 Cost of goods sold Finished Goods Inv. 326,400 Manufacturing OH 24,000 Balance 350,400 Req 2. Adjusted Cost of goods sold:     $ 350400

Related Questions

Navigate

• Browse (All)
• Browse 2
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.