Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with the T accounts I got most of it right but I can't see what I'm missing. the rest is just the
I need help with the T accounts I got most of it right but I can't see what I'm missing. the rest is just the info.
The following events occurred over the course of a year at Bramble Corp., which uses a job order costing system:
1. | Direct materials purchases totaled $584,000. Bramble Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. |
2. | $131,000 of indirect materials were used in production. Bramble uses a separate Supplies Inventory account for indirect materials. |
3. | $568,000 of direct materials were used in production. |
4. | The direct labor payroll was $791,000 (credit Wages Payable). |
5. | Other manufacturing overhead costs incurred during the year totaled $677,000. |
6. | Bramble applies overhead based on a predetermined overhead rate of $23 per machine hour. The company used 49,000 machine hours during the year. |
7. | During the year, Bramble transferred goods costing $2,440,000 into the Finished Goods Inventory account. |
8. | Bramble sold products with a manufacturing cost of $2,398,000 to customers during the year. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started