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Only do b The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $16,500 of materials on account. 2. Issued
Only do b
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. 5. 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. B. 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 Required: b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. 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. 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. Goods completed Transfer to Cost of Goods Sold Beg. bal. Finished Goods Inventory End. bal. End. balStep by Step Solution
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