Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prepare T-accounts for inventories, manufacturing overhead, and costs of goods sold. Post relevant data from your journal entries to these T-accounts. compute an ending balance

prepare T-accounts for inventories, manufacturing overhead, and costs of goods sold. Post relevant data from your journal entries to these T-accounts. compute an ending balance in each account:

image text in transcribedimage text in transcribed

GENERAL JOURNAL Entry Account Ref Explanation Posted Debit Credit 1 Raw Material Purchased 275,000 Cash 275,000 2 Work in Process $220,000 Manufacturing Overhead 560,000 Raw Material 280,000 3l Work in Process Manufacturing Overhead Sales Commission Admin Salaries Cash $180,000 572,000 563,000 590,000 405,000 4 Manufacturing Overhead 513,000 Rent Expense 55,000 Cash 518,000 5 Manufacturing Overhead 557,000 Cash 557,000 6 Advertising $140,000 Cash 5140,000 71 Depreciation Expense $100,000 Accumulated Depreciation factory operations Accumulated Depreciation selling and administrative activities 588,000 $12,000 8l Work in Process 297,000 Manufacturing Overhead Applied S297,000 Finished Goods 75000 Work in Process 875000 10l Cost of Goods Sold $700,000 Cash 550,000 Sales $1,250,000 GENERAL JOURNAL Entry Account Ref Explanation Posted Debit Credit 1 Raw Material Purchased 275,000 Cash 275,000 2 Work in Process $220,000 Manufacturing Overhead 560,000 Raw Material 280,000 3l Work in Process Manufacturing Overhead Sales Commission Admin Salaries Cash $180,000 572,000 563,000 590,000 405,000 4 Manufacturing Overhead 513,000 Rent Expense 55,000 Cash 518,000 5 Manufacturing Overhead 557,000 Cash 557,000 6 Advertising $140,000 Cash 5140,000 71 Depreciation Expense $100,000 Accumulated Depreciation factory operations Accumulated Depreciation selling and administrative activities 588,000 $12,000 8l Work in Process 297,000 Manufacturing Overhead Applied S297,000 Finished Goods 75000 Work in Process 875000 10l Cost of Goods Sold $700,000 Cash 550,000 Sales $1,250,000

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

Content Audits And Inventories A Handbook For Content Analysis

Authors: Paula Ladenburg Land

2nd Edition

1937434826, 978-1937434823

More Books

Students also viewed these Accounting questions

Question

10. What is meant by the term management theory jungle?

Answered: 1 week ago

Question

b. Why were these values considered important?

Answered: 1 week ago