The following partially completed T accounts summarize the transactions of Card sheet Company for last year: Materials
Question:
The following partially completed T accounts summarize the transactions of Card sheet Company for last year:
| Materials Inventory | |||
| Beg Bal | 1,000 | 18,000 | (2) |
| (1) | 17,000 | | |
| Work in Process Inventory | |||
| Beg Bal | 9,000 | 62,300 | (7) |
| (2) | 11,000 | | |
| (4) | 15,000 | | |
| (6) | 30,000 | | |
| Overhead | |||
| (2) | 7,000 | 30,000 | (6) |
| (3) | 14,000 | | |
| (4) | 7,000 | | |
| (5) | 3,000 | | |
| Cost of Goods Sold | |||
| | | | |
| Accounts Payable | |||
| | | 17,000 | (1) |
| | | 3,000 | (5) |
| Finished Goods Inventory | |||
| Beg Bal | 16,000 | | |
| (7) | 62,300 | | |
| End Bal | 13,000 | | |
| Payroll Payable | |||
| | | 5,000 | Beg Bal |
| | | 31,000 | (4) |
| Office Salaries Expense | |||
| (4) | 9,000 | | |
| Accumulated Depreciation (Factory) | |||
| | | 80,000 | Beg Bal |
| | | 14,000 | (3) |
The cost of goods sold (after adjusting for under- or overapplied overhead) is
a. $34,300.
b. $60,300.
c. $66,300.
d. $92,300.
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones