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I need the data to be annotated on the T Account chart Name 3. (22 points Job Cesting The following data have been taken from
I need the data to be annotated on the T Account chart
Name 3. (22 points Job Cesting The following data have been taken from the accounting records of Rayburn Corporation for the current year. Assume araw materials are direct materials Sales $1,980 DM used Selling expenses 20 Factory overhead allocated 460 Direct labor 400 Administrative expenses 300 CGM - Purchases of direct materials Finished goods inventory, beginning 240 Finished goods inventory, ending 320 CGS Materials inventory, beginning 80 Materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Net Income for the year: 240 Use t-accounts to compute(a) the cost of direct materials used (b) the cost of goods manufactured and (c) the cost of goods sold. Show your work below and write your answers in the spaces provided above. Also compute (d) net income for the year and place your answer in the boxes above Raw Materials Beg. Bal. $ 80.00 DM used $ 180.00 Purchase $ 240.00 End. Bal. $ 140.00 Work in Process Beg. Bal. $ 140,00 COGM $ 1,080.00 DM used $ 180.00 Direct Labor $ 400.00 OH Allocated $ 460.00 End. Bal. $ 100.00 Finished Goods Beg. Bal. $ 240,00 COGS $ 1,000.00 COGM $ 1,080.00 End. Bal. $ 320.00 Income Statement $ 1,980.00 $ 1,000.00 $ 980.00 Sales COGS Gross Margin Expenses: Selling Expenses Administrative Expenses Total Expenses Net Income $ 280.00 $ 300.00 $_580.00 $ 400.00 Step by Step Solution
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