Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.

During 20x2. products costing \($156,000\) were finished, and products costing \($171,600\) were sold on account for \($253,500\). There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows:

Required:

1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.

2. Prepare a partial balance sheet and a partial income statement to reflect the information given above.

Transcribed Image Text:

Direct material used... $226,200 Direct labor. 421,200 Manufacturing overhead applied.. 234,000