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Job Cost Journal Entries and T Accounts Following are certain operating data for Redwood Manufacturing Company for January. Materials Inventory Work in Process Inventory Finished
Job Cost Journal Entries and T Accounts Following are certain operating data for Redwood Manufacturing Company for January. Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning inventory $ $ $ Ending inventory Total sales were $ on which the company earned a gross profit. Redwood uses a predetermined manufacturing overhead rate of of direct labor costs. Manufacturing overhead applied was $ Exclusive of indirect material used, total manufacturing overhead incurred was $ it was underapplied by $ Required Compute the following items. Set up T accounts for Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Manufacturing Overhead; fill in the known amounts; and then use the normal relationships among the various accounts to compute the unknown amounts. Cost of goods sold. Cost of goods manufactured. Direct labor incurred Direct material used. Indirect material used. Total materials purchased. Materials Inventory Beg. bal. Answer d f Answer Answer e End. bal. Answer Work in Process Inventory Beg. bal. Answer b c Answer d Answer Answer End. bal. Answer Manufacturing Overhead Beg. bal. Answer Answer e Answer End. bal. Answer Finished Goods Inventory Beg. bal. Answer a b Answer End. bal. Answer
Job Cost Journal Entries and T Accounts
Following are certain operating data for Redwood Manufacturing Company for January.
Materials Inventory Work in Process Inventory Finished Goods Inventory
Beginning inventory $ $ $
Ending inventory
Total sales were $ on which the company earned a gross profit. Redwood uses a predetermined manufacturing overhead rate of of direct labor costs. Manufacturing overhead applied was $ Exclusive of indirect material used, total manufacturing overhead incurred was $ it was underapplied by $
Required
Compute the following items. Set up T accounts for Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Manufacturing Overhead; fill in the known amounts; and then use the normal relationships among the various accounts to compute the unknown amounts.
Cost of goods sold.
Cost of goods manufactured.
Direct labor incurred
Direct material used.
Indirect material used.
Total materials purchased.
Materials Inventory
Beg. bal.
Answer
d
f Answer
Answer
e
End. bal. Answer
Work in Process Inventory
Beg. bal.
Answer
b
c Answer
d Answer
Answer
End. bal. Answer
Manufacturing Overhead
Beg. bal.
Answer
Answer
e Answer
End. bal. Answer
Finished Goods Inventory
Beg. bal.
Answer
a
b Answer
End. bal. Answer
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