Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please write the answers in the correct box. Manufacturing Cost Flows with Machine Hours Allocation On April 1, Telecom Manufacturing Company's beginning balances in manufacturing

please write the answers in the correct box.image text in transcribedimage text in transcribed

Manufacturing Cost Flows with Machine Hours Allocation On April 1, Telecom Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials Manufacturing Supplies Work-in-Process Manufacturing Overhead Finished Goods $35,000 3,500 12,000 0 50,000 During April, Telecom Manufacturing completed the following manufacturing transactions: 1. Purchased raw materials costing $60,000 and manufacturing supplies costing $2,000 on account. (Single Transaction) 2. Requisitioned raw materials costing $52,000 to the factory. 3. Incurred direct labor costs of $18,000 and indirect labor costs of $6,500. 4. Used manufacturing supplies costing $3,800. 5. Recorded manufacturing depreciation of $11,000. 6. Miscellaneous payables for manufacturing overhead totaled $8,500. 7. Applied manufacturing overhead, based on 2,500 machine hours, at a predetermined rate of $10 per machine hour. 8. Completed jobs costing $90,500. 9. Finished goods costing $95,750 were sold. (a) Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold. (b) Calculate the balances at the end of April for Work-in-Process Inventory and Finished Goods Inventory. Enter transactions in the T-accounts in the order they appear using the first available answer box on the appropriate side. Raw Materials Inventory 35,000 Work-in-Process Inventory 12,000 Finished Goods Inventory 50,000 Bal. Bal. Bal. Bal. Bal. Cost of Goods Sold Accumulated Depreciation-Factory Assets Accounts Payable Wages Payable Other Payables Manufacturing Supplies 3,500 Bal. Manufacturing Overhead Bal. 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Comprehensive Assurance & Systems Tool

Authors: Laura R. Ingraham, Greg Jenkins

4th Edition

0134790472, 9780134790473

More Books

Students also viewed these Accounting questions

Question

Project, Part 4 - SQL Technical Assessment

Answered: 1 week ago

Question

Describe alternative paid time off policies.

Answered: 1 week ago

Question

Describe customized benefit plans.

Answered: 1 week ago