Problem 3 44 Manufacturing Cost Flows Analysis of T Accounts (LO 3 2, 3 5) Perfecto Pizza Company produces microwavable pizzas The following accounts appeared in Perfectos ledger as of December 31 Additional information a Accounts payable is used only for direct material purchases b Underapplied overhead of $2,600 for the year has not yet been closed into cost of goods sold Required Complete the following T accounts Raw Material Inventory Accounts Payable Bal 1 1 21,000 2,600 Bal 1 1 136,500 Ba 12 31 36,000 1,000 Bal 12 31 Work in Process Inventory Finished Goods Inventory Bal 1 1 Direct material Direct labor Manufacturing overhead Bal 12 31 17,000 Bal 1 1 12,000 Bal 12 31 20,000 19,000 Manufacturing Overhead Cost of Goods Sold 710,100 710,100 Wages Payable Sales Revenue 2,000 Bal 1 1 147,000 5,000 Bal 12 31 Accounts Receivable Bal 1 1 11,200 806,000 Bal 12 31 15,000

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Problem 3-44 Manufacturing Cost Flows; Analysis of T-Accounts (LO 3-2, 3-5) Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfectos ledger as

Problem 3-44 Manufacturing Cost Flows; Analysis of T-Accounts (LO 3-2, 3-5)

Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfectos ledger as of December 31.

Additional information:

a. Accounts payable is used only for direct-material purchases.

b. Underapplied overhead of $2,600 for the year has not yet been closed into cost of goods sold.

Required:

Complete the following T-accounts.

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Raw-Material Inventory Accounts Payable Bal. 1/1 21,000 2,600 Bal. 1/1 136,500 Ba. 12/31 36,000 1,000 Bal. 12/31 Work-in-Process Inventory Finished-Goods Inventory Bal. 1/1 Direct material Direct labor Manufacturing overhead Bal. 12/31 17,000 Bal. 1/1 12,000 Bal. 12/31 20,000 19,000 Manufacturing Overhead Cost of Goods Sold 710,100 710,100 Wages Payable Sales Revenue 2,000 Bal. 1/1 147,000 5,000 Bal. 12/31 Accounts Receivable Bal. 1/1 11,200 806,000 Bal. 12/31 15,000