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Using the information provided, post the transactions to the manufacturing accounts for Broom Makers Company, a manufacturer of fine broomsticks. For your convenience, beginning balances
Using the information provided, post the transactions to the manufacturing accounts for Broom Makers Company, a manufacturer of fine broomsticks. For your convenience, beginning balances have been entered where applicable. Calculate ending balance for all accounts. 38,000 9,700 69,000 Additional Information: 1. Raw materials purchased on account amount to $193,000. 2. Factory labor costs incurred total $100,000. 3. Other manufacturing overhead costs incurred on account amounted to $8,000. 4. Material requisitions show that $10,000 of the materials were for indirect use and $182,000 were for direct use. 5. Time tickets shows that $67,000 of labor costs were for direct labor. 6. The company's predetermined overhead rate is 80% of direct labor costs. 7. Jobs completed for the period total $279,200. 8. The cost of the jobs sold for the period total $348,200. 9. Transfer any remaining overhead costs to the appropriate account. Work in Process Inv.Raw Materials Inv. Finished Goods Inv. Factory Labor Manufacturing Overhead Cost of Goods Sold Annotations
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