e. Maintenance costs incurred on account in the factory, $70,000 f. Advertising costs incurred on account, $152,000, g. Depreciation was recorded for the year, $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h Rental cost incurred on account, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). I. Manufacturing overhead cost was applied to jobs, $_?_ J. Cost of goods manufactured for the year, $930,000. k. Sales for the year (all on account) totaled $2,000,000. These goods cost $960,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 46,000 $ 37,000 $ 76,000 Required: 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. Reg 1 Reg 2 Req3 Req 4A Reg 4B Raq 5 Post your entries to T accounts. (Don't forget to enter the beginning Inventory balances above.) Accounts Receivable Sales Beg. Bal Beg. Bal Ik 2,000,000 th $ 11,300 $ 2,000,000 1.988,700 End. Bal 2,000,000 End. Bal e. Maintenance costs incurred on account in the factory, $70,000 f. Advertising costs incurred on account, $152,000, g. Depreciation was recorded for the year, $88,000 (85% related to factory equipment, and the remainder related to selling and administrative equipment). h Rental cost incurred on account, $113,000 (90% related to factory facilities, and the remainder related to selling and administrative facilities). I. Manufacturing overhead cost was applied to jobs, $_?_ J. Cost of goods manufactured for the year, $930,000. k. Sales for the year (all on account) totaled $2,000,000. These goods cost $960,000 according to their job cost sheets. The balances in the inventory accounts at the beginning of the year were: Raw Materials Work in Process Finished Goods $ 46,000 $ 37,000 $ 76,000 Required: 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. Reg 1 Reg 2 Req3 Req 4A Reg 4B Raq 5 Post your entries to T accounts. (Don't forget to enter the beginning Inventory balances above.) Accounts Receivable Sales Beg. Bal Beg. Bal Ik 2,000,000 th $ 11,300 $ 2,000,000 1.988,700 End. Bal 2,000,000 End. Bal
