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a. $75,000 in raw materials were purchased for cash. b. $72,100 in raw materials were used in production. Of this amount, $65,700 was for
a. $75,000 in raw materials were purchased for cash. b. $72,100 in raw materials were used in production. Of this amount, $65,700 was for direct materials and the remainder was for Indirect materials. c. Total labor wages of $150,500 were incurred and paid. Of this amount, $133,400 was for direct labor and the remainder was for Indirect labor. d. Additional manufacturing overhead costs of $125,300 were incurred and paid. e. Manufacturing overhead of $121,800 was applied to production using the company's predetermined overhead rate. f. All of the jobs in process at the end of the month were completed. g. All of the completed jobs were shipped to customers. h. Any underapplied or overapplied overhead for the period was closed to Cost of Goods Sold. Required: 1. Post the above transactions to T-accounts. 2. Determine the adjusted cost of goods sold for the period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post the above transactions to T-accounts. Debit Beginning Balance Ending Balance Cash Raw Materials Credit Debit Credit Beginning Balance Ending Balance Work in Process Finished Goods Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance Manufacturing Overhead Cost of Goods Sold Debit Credit Debit Credit Beginning Balance Beginning Balance Ending Balance Ending Balance < Required 1 Required 2 >
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