Question: PLEASE DONT PUT THE ANSWER AS A PICTURE AND DO PUT THE ANSWER IN A SHEET THAT IS COPIEABLE Process Costing Balance Sheet accounts, ending

PLEASE DONT PUT THE ANSWER AS A PICTURE AND DO PUT THE ANSWER IN A SHEET THAT IS COPIEABLE

Process Costing Balance Sheet accounts, ending balances: Frozen Britain, Corp. makes ice cream sandwiches in sequential processes, mixing and freezing. It uses process costing to account for production costs during each period. The following is information obtained from the source documents for Frozen Britain for the month of December:

Raw materials purchased (direct and indirect)

$145,860

Raw materials inventory (direct and indirect), beginning balance

$23,750

Direct materials used Mixing Department

$71,440

Direct materials used Freezing Department

$17,615

Direct labor used Mixing Department

$56,280

Direct labor used Freezing Department

$28,400

Applied Overhead Mixing Department (@80% of department DL costs)

$45,024

Applied Overhead Freezing Department (@80% of department DL costs)

$22,720

Indirect materials used

$7,115

Indirect labor used

$29,335

Other Factory overhead costs Actual (e.g. factory rent, factory utilities)

$31,200

Work in process (WIP) inventory, beginning balance Mixing Department

$91,460

Work in process (WIP) inventory, beginning balance Freezing Department

$119,025

Costs assigned to units completed and transferred out of Mixing Department to the Freezing Department

$182,450

Finished goods inventory, beginning balance

$153,295

Costs assigned to units completed and transferred out of Freezing Department to Finished Goods

$263,860

Cost of goods sold

$340,935

Sales

$629,070

Using all of the information given above, determine the December 31st ending balances of each the firms inventory accounts listed (you must show all of your work, either using formulas/calculations or T-accounts):

  1. Raw Materials Inventory

  1. WIP InventoryMixing department

  1. WIP InventoryFreezing department

  1. Finished Goods Inventory

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