Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Barker Products is a job shop. The following events occurred in September: 1. Purchased $14,900 of materials on account. 2. Issued $16,400 in direct materials

Barker Products is a job shop. The following events occurred in September:
1. Purchased $14,900 of materials on account.
2. Issued $16,400 in direct materials to the production department.
3. Purchased $12,900 of materials on account.
4. Issued $995 of supplies from the materials inventory.
5. Paid for the materials purchased in transaction (1).
6. Paid $21,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant.
7. Incurred direct labor costs of $25,800, which were credited to Wages Payable.
8. Issued $1,395 of supplies from the materials inventory.
9. Applied overhead on the basis of 85 percent of $25.800 direct labor costs.
10. Recognized depreciation on manufacturing property, plant, and equipment of $13,500.
The following balances appeared in the accounts of Barker Products for September:
Materials Inventorv
work-1n-Process
Inventor)
Finished Goods Inventorv
Cost of Goods
Sold
Beginning
31.400
, 290
37.700
Ending
33,300
1,000
Required:
a. Prepare journal entries to record the transactions.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
image text in transcribed
image text in transcribed
image text in transcribed
Barker Products is a job shop. The following events occurred in September: 1. Purchased $14.900 of materials on account. 2. Issued $16.400 in direct materials to the production department. 3. Purchased $12,900 of materials on account. 4. Issued $995 of supplies from the materials imventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $21100 cash for utilies, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $25,800, which were credited to Wages Payable. 8. Issued $1.395 of supplies from the matenlals inventory. 9. Applled overhead on the basis of 85 percent of $25.800 direct labor costs. 10. Recognized depreciation on manufacturing property. plant, and equipment of $13,500. The following balances appeared in the accounts of Barker Products for September: Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Barker Products is a job shop. The following events occurred in September: 1. Purchased $14.900 of materlals on account. 2. Issued $16.400 in direct materials to the production department. 3. Purchased $12.900 of materials on occount. 4. Issued $995 of supplies from the materlals inventory. 5. Paid for the materials purchused in transaction (1). 6. Pald $21,100 cash for utilties, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $25.800. Which were credited to Wages Payable. 8. Issued $1,395 of supplies from the materials inventory. 9. Applled overheod on the basis of 85 percent of $25.800 direct labor costs. to. Recognized depreciation on manufacturing property, plant, and equipment of $13,500. The following balances appeared in the accounts of Barker Products for September: Required: o. Prepare journal entries to record the transactions: b. Prepare Traccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. o. Issueu si,375 vi supplies livin the materials inventory. 9. Applied overhead on the basis of 85 percent of $25,800 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,500. The following balances appeared in the accounts of Barker Products for September: Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory througl Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions