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Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.) please make it short and
Record the transactions above in the appropriate T-accounts and calculate ending balances. (Post entries in order presented in the problem.)
please make it short and straight to the answer please
Raw Materials Inventory Work in ProcesS Inventory Beg. 15,000 Beg. 31,000 Finished Goods Inventory Cash Beg. 22,000 Beg. 32,000 Accounts Receivable Accounts Payable Beg. 56,000 Beg. 42,000 During the year, the following events occurred 1. Drew purchased raw materials costing $86,000 on account. 2, Drew used $93,000 of raw materials in production. Of these, 70% were dassified as direct materials and 30% as indirect materials. (Drew maintains a single Raw Materials Inventory account.) 3. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $7.5 per hour (credit Wages Payable). 4. The company's only indirect labor cost was the salary of a security guard hired to watch the company's shop after hours. The guard's annul say was $25,000 (credit Wages Payable) 5. Other manufacturing overhead costs the company incurred on account totaled $70,000. 6. Drew applied $130,000 in manufacturing overhead. 7. The company completed production of goods costing $326,000. 8. The company's Cost of Goods Sold balance was $303,750 before adjusting for over- or underapplied overhead. 9. Sales revenue was $425,000 (all sales were made on account). 10. Drew collected $450,000 from customers. 11. The company paid accounts payable of $100,000. 12. At year-end, all wages earned during the year had been paid. LINK TO TEXTLINK TO TEXT Calculate total manufacturing costs for the year. Total manufacturing cost LINK TO TEXTLINK TO TEXT Calculate cost of goods available for sale during the year. Goods available for sale Click if you would like to Show Work for this question: Open Show Work LINK TO TEXTLINK TO TEXTStep by Step Solution
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