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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 Perfecto's 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 Perfecto's ledger as 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 21,200 Bal. 1/1 Accounts Payable 2,500 Bal. 1/1 136,500 1,000 Bal. 12/31 Bal. 12/31 36,000 Work-in-Process Inventory Finished-Goods Inventory 12,000 17,000 Bal. 1/1 Bal. 1/1 Direct material Direct labor Bal. 12/31 20,000 Manufacturing overhead Bal. 12/31 19,000 Manufacturing Overhead Cost of Goods Sold 710,000 710,000 Sales Revenue Wages Payable 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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