2. Eppich Corporation has provided the following data for the most recent month:

Question

2. Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance $20,500 $32,800 $50, 800 ( 8 04:07:28 Transactions: (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 $ 79,100 $ 77, 900 $ 52,800 $ 92,500 $ 72,800 $ 190,000 $221,700

Explanation / Answer

RAW MATERIAL INVENTORY Balance 20,500 Work in Process 77,900 Cash 79,100 march31, Balance 21,700 MANUFACTURING OVERHEADS Cash 92,500 Work in Process 72,800 Cost of Goods sold 19,700 (Underapplied OH) balance Nil WORK IN PROCESS INVENTORY-REFINING Balance 32,800 Finished Goods Inventory 190,000 Raw material Inv. 77,900 Wages Payable 52,800 Manufacturing Overheads 72,800 Balance 46,300 FINISHED GOODS INVENTORY Balance 50,800 Cost of Goods sold 221,700 work in Process 190,000 Balance 19,100 COST OF GOODS SOLD Finished Goods Inv 221,700 Manufacturing OH 19,700 Ending Balance 241,400

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