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The following transactions occurred in April at Steve's Cabinets, a custom cabinet rm. 1. Purchased $25,000 of materials on account 2. Issued $1300 of supplies
The following transactions occurred in April at Steve's Cabinets, a custom cabinet rm. 1. Purchased $25,000 of materials on account 2. Issued $1300 of supplies from the materials inventory. 3. Purchased $13,000 of materials on account. 4. Paid for the materials purchased in transaction {1] using cash. 5. Issued $15,400 in direct materials to the production department. 6. Incurred direct labor costs of $29,000, which were credited to Wages Payable. 7. Paid $23,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $29,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $11,800. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning Ending Materials Inventory $32,340 ? HorkinProcess Inventory 8,406 ? Finished Goods Inventory 35,600 $29,548 Cost of Goods Sold 55,330 Required: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. x Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)\f\fPrepare T-accounts to Show the flow of costs during the period from Materials Inventory through Cast of Goods Sold. Beg. bal. 32,340 9 5. 15.4110 0 49,921: 0 Finished Goods Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal. Beg. bal. End. bal. 0 End. bal. 0 Accounts Payable Cash Beg. bal. Beg. bal. End. bal. 0 End. bal. 0\f
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