Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS =...

 

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Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 Transfer out to Direct Materials 57,000 Direct Labor 8,000 COGS FG Inventory Manufacturing Overhead 38,000 WIP-Cutting Balance, May 31 21,000 WIP-Finishing Work-In-Process Inventory-Finishing WIP-Packaging Balance, May 1 17,000 140,000 Transfer out to Transfer in from Direct Materials 24,000 Direct Labor Manufacturing Overhead 20,000 Balance, May 31 10,000 Work-in-Process Inventory-Packaging Balance, May 1 11,000 Transfer out to Transfer in from Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 16,000 Balance, May 31 76,000 Finished Goods Inventory Balance, May 1 Transfer out to Transfer in from Balance, May 31 5,000 Cost of Goods Sold Balance, May 1 Transfer in from Balance, May 31 Begin with the Work-in-Process-Cutting T-account, then complete each of the remaining T-accounts. (Abbreviations used: COGS = Cost of Goods Sold, FG = Finished Goods, WIP = Work-in-Process) Work-in-Process Inventory-Cutting Balance, May 1 Transfer out to Direct Materials 57,000 Direct Labor 8,000 COGS FG Inventory Manufacturing Overhead 38,000 WIP-Cutting Balance, May 31 21,000 WIP-Finishing Work-In-Process Inventory-Finishing WIP-Packaging Balance, May 1 17,000 140,000 Transfer out to Transfer in from Direct Materials 24,000 Direct Labor Manufacturing Overhead 20,000 Balance, May 31 10,000 Work-in-Process Inventory-Packaging Balance, May 1 11,000 Transfer out to Transfer in from Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 16,000 Balance, May 31 76,000 Finished Goods Inventory Balance, May 1 Transfer out to Transfer in from Balance, May 31 5,000 Cost of Goods Sold Balance, May 1 Transfer in from Balance, May 31

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