The beginning balances in the inventory accounts were: Raw Materials Work in Process Finished Goods Required:...

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The beginning balances in the inventory accounts were: Raw Materials Work in Process Finished Goods Required: $ 49,000 $ 40,000 $ 79,000 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. The beginning balances in the inventory accounts were: Raw Materials Work in Process Finished Goods Required: $ 49,000 $ 40,000 $ 79,000 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.

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Journal Entries Jan 1 Work in Process Inventory 49000 Raw Materials Inventory 49000 To record the pu... View the full answer