Schoff Corporation has provided the following data for the most recent month Raw

Question

Schoff Corporation has provided the following data for the most recent month Raw materials, beginning balance $ 10,900 Work in process, beginning balance 22,900 Finished goods, beginning balance 52,200 (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied (6) Cost of units completed and transferred from work in process to finished goods (7) Any overapplied or underapplied manufacturing overhead is closed to cost of goods sold? (8) Finished goods are sold $ 75,200 $ 78,900 $ 72,700 $ 82,600 $ 76,100 $ 232,000 $ 260,000 Required: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances and each of the transactions listed above. Finally, determine the ending balances. Work in Beg. Bal. Beg. Bal End. Bal. End. Bal Finished Goods Beg. Bal. Beg. Bal

Explanation / Answer

Raw Materials Work in Process Beg. Bal. 10900 Beg. Bal. 22900 1 75200 78900 2 2 78900 232000 6 3 72700 5 76100 End. Bal. 7200 End. Bal. 18600 Finished Goods Manufacturing Overhead Beg. Bal. 52200 Beg. Bal. 0 6 232000 260000 8 4 82600 76100 5 6500 7 End. Bal. 24200 End. Bal. 0 Cost of Goods Sold Beg. Bal. 0 8 260000 7 6500 End. Bal. 266500

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