Return to qu The following transactions occurred in January at Apex Manufacturing, a custom parts supplier. Apex uses job costing 1. Purchased $54,000 in materials on account. 2. Issued $1,800 in supplies from the materials inventory to the production department 3. Paid for the materials purchased in transaction (1) 4. Issued $25,800 in direct materials to the production department 5. Incurred wage costs of $45,000, which were debited to Payroll, a temporary account of this amount. $13,800 was withheld for payroll taxes and credited to Payroll Taxes Payable. The remaining $31200 was paid in cash to the employees. See transactions (6) and (7) for additional information about Payroll 6. Recognized $24,000 in fringe benefit costs, incurred as a result of the wages paid in (5). This $24,000 was debited to Payroll and credited to Fringe Benefits Payable. 7. Analyzed the Payroll account and determined that 70 percent represented direct lobor, 20 percent, indirect manufacturing labor and 10 percent, administrative and marketing costs 8. Paid for utilities, power equipment maintenance, and other miscellaneous items for the manufacturing plant totaling $32,700 9. Applied overhead on the basis of 160 percent of direct labor costs. 10. Recognized depreciation of $17.550 on manufacturing property, plant, and equipment Required: a. Prepare journal entries to record these transactions b. The balances that appeared in the accounts of Apex Manufacturing are shown as follows. Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $56,025 12,825 62,550 $ 50, 400 100, 275 Prepare T-accounts to show the flow of costs during the period. Answer is not complete. RE No General Journal Transaction 1 Credit Materials inventory Accounts payable Debit 54,000 OO 54,000 B 2 Manufacturing overhead control Materials inventory 1.800 Blo 1,800 Accounts payable 54,000 co Cash 54,000 D 4 25,800 Work in process-Direct materials Materials inventory 25,800 E 5 45.000 Payroll Payroll taxes payable Cash 13,800 31 200 F 6 Payroll Fringe benefits payable 24,000 24,000 G 7 Work in process-Direct labor Manufacturing overhead control No journal entry required Payroll 48,300 13,800 6.900 X 69,000 H 8 Applied manufacturing overhead Cash x 32,700 32,700 1 9 77,280 Work in process-Overhead Applied manufacturing overhead Ols 77,280 10 17,550 Manufacturing overhead control Accumulated depreciation property, plant, and equipment 17,550 Return to quest Beg Bal 1 Materials Inventory 56,025 54.000 1.800 2 25,8004 Beg Bal 4 7 9 Work in Process Inventory 12,825 25,800 88 125 Goods Completed 48,300 77.280 OOO End Bal 82.425 End Bal 76 080 Manufacturing Overhead Control Applied Manufacturing Overhead Beg Bal Beg Bali 2 7 77.2809 OOOO 1 800 13,800 32.700 17 550 End Bal 77,280 8 10 End Bal 65,850 Accounts Payable Cash Be Bar Bog Bal Return to question Accounts Payable Cash Beg Bal Beg Ball 3 54.000 54,000 1 54,000 3 31.2005 32.7008 OOO End Bal End Bal 117.000 Payroll Payroll Taxes Payable Beg Bal Beg Bal 5 > 69,000 13,8005 45 000 24,000 6 End Bal 13 800 End Bad Administrative and Marketing Costs JUWS WHO IS UNCLE OF incorrect to the work you have completed so far. It does not indicate completion. Return to question Fringe Benefits Payable Administrative and Marketing Costs Beg Bal Beg Bal 24.000 6 7 6.900 End Bal 24.000 End Bal 6,900 Accumulated Depreciation Property, Plant, and Equipment Beg Bal 17.55010 Beg Bal Finished Goods 62.550 100.275 Goods Completed CGS End Bal 17.550 End Bal 37 725 Cost of Goods Sold Beg Bal Goods Sold 100 275 100275