tpx beginning inventories a. $76,000 in raw materials were purchased for cash b

Question

tpx beginning inventories a. $76,000 in raw materials were purchased for cash b $71,300 in raw materials were requisitioned for use in production Of this amount $66,300 was for direct materials and the remainder was for indirect materials c Total labor wages of $150,900 were incurred and paid Of this amount, $134 800 was for direct labor and the remainder was for indirect labor d. Additional manufacturing overhead costs of $125,900 were incurred and paid overhead rate f All of the jobs in progress at the end of the month were commpleted and shipped to custorners g Any underapplied or overappled overhead for the period was closed out to Cost of Goods Sold Required: 1 Post the above transactions to T-accounts Beg Bal Beg Ba End Bal End Bal Beg Bal End Bal End. Bal Beg Bal Beg Bal End Bal End Bal 2Determine the cost of goods sold for the period

Explanation / Answer

SCHEDULE OF COST OF GOODS MANUFACTURED Direct Material Beginning inventory of raw material 10800 Add: Purchases 31000 Total raw matrial available 41800 Less: Ending raw material 19300 Raw material used in production 22500 Less: Indirect material 4570 17930 Direct labour 58100 Manufacturing overheads 88800 Total manufacturing ocst 164830 Add: Beginning WIP 54800 Less: Ending WIP 68200 Cost of Goods manufactured 151430 SCHEDULE OF COST OF GOODS SOLD Finished Goods inventory beginning 33300 Add: Cost of goods manuafctured 151430 Cost of goods available for sale 184730 Less: ending inventory of Finished Goods 43400 Unadajusted cost of goods sold 141330 Less: Under-applied overheads 4030 Adjusted cost of goods sold 137300

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