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i only need help on the T-Accounts. the rest i have conpleted on my own. the t-accounts says the answer is not complete so i
i only need help on the T-Accounts. the rest i have conpleted on my own. the t-accounts says the answer is not complete so i do not know what i am missing.
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $22,500 of materials on account 2 issued $1.450 of supplies from the materials inventory. 3. Purchased $12.500 of matertals on account 4. Paid for the materials purchased in transaction (1) using cash 5. Issued $14,900 in direct materials to the production department 6. Incurred direct labor costs of $26.500, which were credited to Wages Payable 7. Pald $22500 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 130 percent of $26,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $11,300. The following balances appeared in the accounts of Steve's Cabinets for April Beginning Ending 331,590 > Materials Inventory work-in-process Inventory Finished Goods Inventory Cost of Goods Sold 7.900 34,500 $29,290 54,630 Required: .. 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. Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction General Journal Debit Credit Materials inventory 22.500 Accounts payable 22.500 B 2 > 1.450 Manufacturing overhead control Materials inventory 1.450 3 > Materials inventory Accounts payable 12,500 12.500 D 4 Accounts payable Cash 22.500 lo 22.500 E 5 Work-in-process direct materials Materials inventory 0 14.000 o 14.900 F 6 Work-in-process-direct labor Wages payable 26,500 20.500 G 7 Manufacturing overhead control Cash 22.500 22 500 Work-in-process-overhead Applied manufacturing overhead 34.450 > 34 450 Manutacturing overhead control Accumulated depreciation property, plant and equipme 11.300 11,300 Required B > Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold. Work in Process Inventory 7.900 Beg bal Beg bal. Materials Inventory 31.500 22.500 1.45012 12,500 14,900 5. 1 Finished Goods 30 3 5 6. 14.900 20.500 34.450 83.750 End bal 50,240 &. End. bal. Manufacturing Overhead Control Applied Manufacturing Overhead Beg bal 2 Beg bal 1.450 22.500 34,450 8. 7 0 OOO 11.300 End, bal 34.450 End, bal 35,250 Accounts Payable Cash Beg, bal Beg. bal 22.500 11 12.500 OO 22.500 22.500 OO 7 4 22.500 End bal 12.500 End bal 45.000 Wages Payable Beg bal Accumulated Depreciation Property. Plant, and Equipment Beg bal 20.500 6 11.300 s Endbal 20 500 End bal 11.300 Finished Goods inventory 34.000 Cost of Goods Sold Beg tal Goods completed End a Transfer to Cost of Goods Sold Beg bal Finished Goods Inventory Enda 54.500 Step by Step Solution
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