Question

Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.
Direct material used.................................................................. $226,200
Direct labor....................................................................... 421,200
Manufacturing overhead applied.............................................. 234,000
During 20x2, products costing $156,000 were finished, and products costing $171,600 were sold on account for $253,500. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows:
Raw material............................................................................. $295,100
Work in process......................................................................... 23,400
Finished goods.......................................................................... 39,000

Required:
1. Prepare T-accounts to show the flow of costs through the company’s manufacturing accounts during 20x2.
2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.



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  • CreatedApril 22, 2014
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