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Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only
Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2.500 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts. Raw-Material Inventory Bal. 1/1 21,100 Accounts Payable 2,600 Bal. 1/1 136,500 1,000 Bal 12/31 Bal 12/31 36,000 Work-in-Process Inventory 17,000 Finished-Goods Inventory 12,000 Bal. 1/1 Bal 1/1 Direct material Bal. 12/31 20.000 Direct labor Manufacturing overhead Bal. 12/31 19,000 Manufacturing Overhead Cost of Goods Sold 710,100 0 710.100 Sales Revenue Wages Payable 2,000 Bal. 1/1 147.000 5,000 Bal 12/31 Accounts Receivable 11.100 Bal. 1/1 806,000 Bal. 12/31 15,000
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