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Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance $ 23,500 Work in process, beginning balance $ 34,000
Eppich Corporation has provided the following data for the most recent month:
Raw materials, beginning balance | $ | 23,500 | |||||
Work in process, beginning balance | $ | 34,000 | |||||
Finished Goods, beginning balance | $ | 52,000 | |||||
Transactions:
(1) | Raw materials purchases | $ | 78,500 |
(2) | Raw materials used in production (all direct materials) | $ | 78,500 |
(3) | Direct labor | $ | 54,000 |
(4) | Manufacturing overhead costs incurred | $ | 95,500 |
(5) | Manufacturing overhead applied | $ | 74,000 |
(6) | Cost of units completed and transferred from Work in Process to Finished Goods | $ | 190,000 |
(7) | Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold | ? | |
(8) | Finished goods are sold | $ | 223,500 |
Required:
Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.
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