Indigo Corporation was starting a new style of jacket and was monitoring the costs of its...

 

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Indigo Corporation was starting a new style of jacket and was monitoring the costs of its first production run of these items during the month. The costs and transactions associated with this jacket were as follows. 1. Purchased fabric on account at a cost of $345. Transferred $280 of fabric into production. Accrued DL cost of $180 associated with 10 DL hours. Recorded actual MOH costs of $155 (consisting of accrued liabilities of $95 and factory-related depreciation of $60). Applied MOH costs using a budgeted MOH rate of $12 per DL hour. Recognized cost of goods completed of $430. 2. 3. 4. 5. 6. (a) Assuming there were no beginning balances in any of the inventory accounts at Indigo, show how the above transactions would be reflected in the following select accounts: DM Inventory, WIP Inventory, FG Inventory, and MOH Control. DM Inventory Assuming there were no beginning balances in any of the inventory accounts at Indigo, show how the above transactions would be reflected in the following select accounts: DM Inventory, WIP Inventory, FG Inventory, and MOH Control. Actual MOH Applied MOH DL cost DM used End balance Goods completed Purchases # DM Inventory WIP Inventory FG Inventory Indigo Corporation was starting a new style of jacket and was monitoring the costs of its first production run of these items during the month. The costs and transactions associated with this jacket were as follows. 1. Purchased fabric on account at a cost of $345. Transferred $280 of fabric into production. Accrued DL cost of $180 associated with 10 DL hours. Recorded actual MOH costs of $155 (consisting of accrued liabilities of $95 and factory-related depreciation of $60). Applied MOH costs using a budgeted MOH rate of $12 per DL hour. Recognized cost of goods completed of $430. 2. 3. 4. 5. 6. (a) Assuming there were no beginning balances in any of the inventory accounts at Indigo, show how the above transactions would be reflected in the following select accounts: DM Inventory, WIP Inventory, FG Inventory, and MOH Control. DM Inventory Assuming there were no beginning balances in any of the inventory accounts at Indigo, show how the above transactions would be reflected in the following select accounts: DM Inventory, WIP Inventory, FG Inventory, and MOH Control. Actual MOH Applied MOH DL cost DM used End balance Goods completed Purchases # DM Inventory WIP Inventory FG Inventory

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To reflect the above transactions in the DM Inventory WIP Inventory FG Inventory and MOH Control acc... View the full answer