Journal Entries Here

Prepare T-accounts to show the flow of costs during the period from materials inventory through cost of goods sold

The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $16,500 of materials on account, 2. Issued $850 of supplies from the materials inventory. 3. Purchased $11,300 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $13,700 in direct materials to the production department. 6. Incurred direct labor costs of $20,500, which were credited to Wages Payable. 7. Paid $21.300 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 120 percent of $20,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10,100. The following balances appeared in the accounts of Steve's Cabinets for April. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending $29,790 ? 6,700 ? 33,300 $28,690 52,830 1 16500 Materials inventory Accounts payable 16500 850 Manufacturing overhead control Materials inventory 8501 11300 Materials inventory Accounts payable 113001 4 16500 Accounts payable Cash 165001 15 13700 Work in process direct materials Materials inventory 137001 20500 Work in process direct labor Wages payable 205001 7 213001 Manufacturing overhead control Cash 213001 246001 =20500*120% Work in process-overhead Applied manufacturing overhead 246001 101001 Manufacturing overhead control Accumulated depreciation property, plant and equipment 101001 Materials Inventory Work-In-Process Inventory Beg bal Beg bal Finished Goods End bal End, bal Manufacturing Overhead Control Applied Manufacturing Overhead Beg bal Beg bal End. bal 0 End bal Accounts Payable Cash Beg bal Beg bal End bal End, bal Wages Payable Accumulated Depreciation-Property, Plant, and Equipment Beg bal Beg bal End, bal End bal Finished Goods Inventory Cost of Goods Sold Beg bal Beg bal Goods completed Transfer to Cost of Goods Sold Finished Goods Inventory End, bal End, bal