The Almost costing system: Goodenough Co. has provided the following data for Au

Question

The Almost costing system: Goodenough Co. has provided the following data for August using a job order Raw materials, beginning balance $14,000 - work in process, beginning balance. $38,000 Finished Goods, beginning balance... 343,000 ) Raw materials parehase.tar..ca $80,000 $79,000 $61,000 (2) Raw materials used in production (all direct materials). (3) Direct labor.... Ca (4) Manufscturing overhead costs Incurred nsBes $74,000 $84,000 (5) Manufacturing overhead applied (6) Cost ofunits completed and transferred from Work in Process to Finished Goods $236,000 () Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold (8) Finished goods are sold..n...ma $251,000 Required: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead, and Cost of Goods Sold. Record the beginning balances and each of the transactions listed above. Determine the ending balances in those accounts. Journalize the transactions above assuming all payments and receipts are for cash. Total sales for the period were $625,000

Explanation / Answer

Raw Material WIP Beginning Bal $14,000.00 WIP $79,000.00 Beginning Bal $38,000.00 Finsished Goods $236,000.00 Raw Material Purchase $80,000.00 Raw Material Used $79,000.00 Closing Balance $15,000.00 Direct Labour $61,000.00 Manufacturing Overhead $84,000.00 Closing Balance $26,000.00 Total $94,000.00 Total $94,000.00 Total $262,000.00 Total $262,000.00 Finished Goods Manufacturing Overhead Beginning Bal $43,000.00 Cost of Goods Sold $251,000.00 Cost incurred $74,000.00 WIP $84,000.00 Trf From WIP $236,000.00 Cost of Goods Sold- Overapplied $10,000.00 Closing Balance $28,000.00 Total $84,000.00 $84,000.00 End Bal Total $279,000.00 $279,000.00 Cost of Goods Sold Finished Goods $251,000.00 Manufacturing Overhead-Over applied $10,000.00 End Bal $241,000.00 Total $251,000.00 $251,000.00

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