The balances in the inventory accounts at the beginning of the year were: Raw Materials Work...

Transcribed Image Text:

The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods Required: $ 48,000 $ 39,000 $ 78,000 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods Required: $ 48,000 $ 39,000 $ 78,000 1. Prepare journal entries to record the preceding transactions. 2. Post your entries to T-accounts. (Don't forget to enter the beginning inventory balances above.) 3. Prepare a schedule of cost of goods manufactured. 4A. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4B. Prepare a schedule of cost of goods sold. 5. Prepare an income statement for the year. Complete this question by entering your answers in the tabs below.