Vincenzo's Manufacturing Co. uses a job order cost system. The following accounts have been taken from the books of the company:

Required:
1. Analyze the accounts and describe in narrative form what transactions took place. (Use the reference letters a. through f. in your explanations and note that some accounts needed in your explanation have been purposely omitted.)
2. List the supporting documents or forms required to record each transaction involving the receipt or issuance of materials.
3. Determine the ending balances for Materials, Work in Process, and FinishedGoods.

Transcribed Image Text:

Materials Bal. Inventory a. Purchases for month 7,000 b Requisitions for month 22,000 19,000 Work in Process 47,500 Bal. Inventory b. Material Requisitions 19,000 c. Direct Labor d Factory Overhead 12,000 3,600 e. To Finished Goods 17,000 Bal. Inventory e. Goods Finished Finished Goods 11,650 f To Cost of Goods Sold 47,500 55,000