Dessert Delite Company produces frozen microwavable desserts. The following acco

Question

Dessert Delite Company produces frozen microwavable desserts. The following accounts appeared in the ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,500 for the year has not yet been closed into cost of goods sold. Required: Complete the below T-accounts.

Raw-Material Inventory Accounts Payable Bal. 1/1 21,200 Bal. 1/1 2,500 136,500 Bal. 12/31 36,000 Bal. 12/31 1,000 Work-in-Process Inventory Finished-Goods Inventory Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 17,000 Bal. 1/1 12,000 150,000 Bal. 12/31 20,000 19,000 Manufacturing Overhead Cost of Goods Sold 710,200 0 710,200 Wages Payable Sales Revenue Bal. 1/1 2,000 150,000 5,000 147,000 Bal. 12/31 0 Accounts Receivable Bal. 1/1 11,200 806,000 Bal. 12/31 15,000

Explanation / Answer

Solution:

Raw Material Inventory Particulars Debit Particulars Credit Bal 1/1 $21,200.00 Material used (Bal Fig) $120,200.00 Purchases $135,000.00 Bal 12/31 $36,000.00

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