a. $76,500 in raw materials were purchased for cash. b. $71,900 in raw materials were used...

Transcribed Image Text:

a. $76,500 in raw materials were purchased for cash. b. $71,900 in raw materials were used in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,800 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $128,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Debit Beginning balance Ending balance Beginning balance b. C. e. Ending balance Debit Debit Raw Materials Cre Debit Credit Beginning balance 76,500 a. 150,800 c. a. 76,500 71,900 b. 126,800 d. 354,100 Ending balance 4,600 Work in Process Finished Goods Credit Debit Credit Beginning balance 67,000 328,500 f. 328,500 328,500 g. 133,400 128,100 Manufacturing Overhead Credit Ending balance < Prev 14 of 79 Score answer > Cost of Goods Sold Debit Credit a. $76,500 in raw materials were purchased for cash. b. $71,900 in raw materials were used in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $150,800 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for indirect labor. d. Additional manufacturing overhead costs of $126,800 were incurred and paid. e. Manufacturing overhead of $128,100 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Cash Debit Beginning balance Ending balance Beginning balance b. C. e. Ending balance Debit Debit Raw Materials Cre Debit Credit Beginning balance 76,500 a. 150,800 c. a. 76,500 71,900 b. 126,800 d. 354,100 Ending balance 4,600 Work in Process Finished Goods Credit Debit Credit Beginning balance 67,000 328,500 f. 328,500 328,500 g. 133,400 128,100 Manufacturing Overhead Credit Ending balance < Prev 14 of 79 Score answer > Cost of Goods Sold Debit Credit

Answer rating: 100% (QA)

Here are the Taccounts with the transactions posted ... View the full answer