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The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm 1. Purchased $23,500 of materials on account 2. Issued $1,550 of supplies
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm 1. Purchased $23,500 of materials on account 2. Issued $1,550 of supplies from the materials inventory 3. Purchased $12.700 of materials on account 4. Pald for the materials purchased in transaction (1) using cash 5. Issued $15,100 in direct materials to the production department 6. Incurred direct labor costs of $27500, which were credited to Wages Payable. 7. Pald $22700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $27.500 direct labor costs 9. Recognized depreciation on manufacturing property, plant, and equipment or $11,500. The following balances appeared in the accounts of Steve's Cabinets for April Materials Inventory Work-in-process Inventory Finished Goods Inventory Cost of Goods Sold Beginning Ending 531,890 ? 8,100 > 34,700 $29,390 54,930 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 Required A Required B Prepare journal entries to record the transactions. (If no entry is required for a transaction/event, select "No journal e the first account field.) & View transaction but View journal entry worksheet No Transaction General Journal Credit Debit 23 500 A 23.500 B 2 1.550 1550 c 3 12.700 12,700 D 4 23.500 23,500 E 5 15.100 15,100 F 6 27.500 27.500 G 22.700 22.700 IN H B 34 375 34 375 9 11 500 11.500 ere to search Prey 10 ASUV Homework Required A Required Prepare T accounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold Materials inventory Work in Processory Beg bal Beg bal Finished Goods End bal End, bal Manufacturing Overhead Control Applied Manufacturing Overhead Beg bal Beg bal End bal End bal Accounts Payable Bog bak Cash Beg bar End bal End Dal Wages Payable Beg Accumulated Depreciation Property. Plant, and Equipment Beg har End bal Endal Finished Goods Inventory Beba os come Cost of Goods Sold Transfer to Cost of Good Son Beg bal Finished Goods Inventor ere to search 0 1 NGER se End bal Wages Payable Beg bal Accumulated Depreciation - Property, Plant, and Equipment Beg bal End bal End bal Finished Goods Inventory Cost of Goods Sold Beg bal Goods completed End bal Beg, bal Transfer to Cost of Goods Sold Finished Goods Inventory End, bal
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