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The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 17 1. Purchased $20,500 of materials on account. 2. Issued $1,250 of
The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 17 1. Purchased $20,500 of materials on account. 2. Issued $1,250 of supplies from the materials inventory 3. Purchased $12,100 of materials on account 4. Paid for the materials purchased in transaction (1) using cash 5. Issued $14,500 in direct materials to the production department. 6. Incurred direct labor costs of $24,500, which were credited to Wages Payable. 7. Paid $22,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 125 percent of $24,500 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $10.900. 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 $30,990 2 7,500 7 34,100 $29,098 54,030 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 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 transactio the first account field.) View transaction list Journal entry worksheet
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