Question
Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $ 172,000 Direct labor 322,000 During 20x2, manufacturing overhead of $170,000 was
Reimel Furniture Company, Inc., incurred the following costs during 20x2.
Raw material used | $ | 172,000 | |
Direct labor | 322,000 | ||
During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $122,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firms inventory accounts are as follows:
Raw material | $ | 225,000 | |
Work in process | 18,000 | ||
Finished goods | 30,000 | ||
|
. Prepare T-accounts to show the flow of costs through the companys manufacturing accounts during 20x2.
Please answer beginning and ending Balance of below Items
a) Raw- Material Inventory
b) Work in Process Inventory
c) Wages payable
d) Manufacturing Overheads
e) Finished Good Inventory
f) Sales Revenue
g) Account Receivables
H) Cost of Goods sold
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