Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,900 of...

   

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Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,900 of materials on account. 2. Issued $15,400 in direct materials to the production department. 3. Purchased $11,900 of materials on account. 4. Issued $945 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plan 7. Incurred direct labor costs of $23,800, which were credited to Wages Payable. 8. Issued $1,345 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,800 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,500. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 34,400 6,190 34,700 Ending ? ? $ 31,300 56,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. www Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,900 of materials on account. 2. Issued $15,400 in direct materials to the production department. 3. Purchased $11,900 of materials on account. 4. Issued $945 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plan 7. Incurred direct labor costs of $23,800, which were credited to Wages Payable. 8. Issued $1,345 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,800 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,500. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 34,400 6,190 34,700 Ending ? ? $ 31,300 56,600 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. www

Answer rating: 100% (QA)

Answer i Recording journal entries is the first step in the accounting process It analyzes and recor... View the full answer