P5-3 Manufacturing Cost Computations with T Accounts. The following information per- tains to the Dale Company:...

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P5-3 Manufacturing Cost Computations with T Accounts. The following information per- tains to the Dale Company: Finished Goods. Work in Process Materials....... ********* Accounts Payable...... Accrued Payroll Accounts Receivable. Account Balances Beginning $80,000 20,000 (i) Cost of goods manufactured was $320,000. (i) Payrolls totaling $172,000 were paid in cash. 15,000 7,000 11,000 45,000 Ending $ (a) All sales were on account, with a markup equal to 28% of the sales price. (b) The accounts payable account was used for materials purchases only. (c) Factory overhead was applied at 150% of direct labor cost. (d) Miscellaneous factory overhead cost totaled $60,000. ? ? 23,000 5,000 14,000 65,000 (e) Direct materials issued to production cost $80,000. (f) Payment of accounts payable totaled $102,000. (g) There was only one job in process at the end of the period, with charges to date of materials costing $10,000 and direct labor of $8,000. (h) Collection of accounts receivable totaled $480,000. P5-3 Manufacturing Cost Computations with T Accounts. The following information per- tains to the Dale Company: Finished Goods. Work in Process Materials....... ********* Accounts Payable...... Accrued Payroll Accounts Receivable. Account Balances Beginning $80,000 20,000 (i) Cost of goods manufactured was $320,000. (i) Payrolls totaling $172,000 were paid in cash. 15,000 7,000 11,000 45,000 Ending $ (a) All sales were on account, with a markup equal to 28% of the sales price. (b) The accounts payable account was used for materials purchases only. (c) Factory overhead was applied at 150% of direct labor cost. (d) Miscellaneous factory overhead cost totaled $60,000. ? ? 23,000 5,000 14,000 65,000 (e) Direct materials issued to production cost $80,000. (f) Payment of accounts payable totaled $102,000. (g) There was only one job in process at the end of the period, with charges to date of materials costing $10,000 and direct labor of $8,000. (h) Collection of accounts receivable totaled $480,000.

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