Question

Eppich Corporation has provided the following data for the most recent month:

Raw materials, beginning balance	$	22,000
Work in process, beginning balance	$	33,400
Finished Goods, beginning balance	$	51,400

Transactions:

(1)	Raw materials purchases	$	78,800
(2)	Raw materials used in production (all direct materials)	$	78,200
(3)	Direct labor	$	53,400
(4)	Manufacturing overhead costs incurred	$	94,000
(5)	Manufacturing overhead applied	$	73,400
(6)	Cost of units completed and transferred from Work in Process to Finished Goods	$	190,000
(7)	Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold		?
(8)	Finished goods are sold	$	222,600

Required:

Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Eppich Corporation has provided the following data for the most recent month:

Raw materials, beginning balance	$	22,000
Work in process, beginning balance	$	33,400
Finished Goods, beginning balance	$	51,400

Transactions:

(1)	Raw materials purchases	$	78,800
(2)	Raw materials used in production (all direct materials)	$	78,200
(3)	Direct labor	$	53,400
(4)	Manufacturing overhead costs incurred	$	94,000
(5)	Manufacturing overhead applied	$	73,400
(6)	Cost of units completed and transferred from Work in Process to Finished Goods	$	190,000
(7)	Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold		?
(8)	Finished goods are sold	$	222,600

Required:

Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Raw Materials Work in Process Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Cost of Goods Sold Beg. Bal. End. Bal.

Answer 1

Raw materials
Beg bal		22000	work in process		78200
Purchase		78800	end bal		22600
		100800			100800
Work in process
beg bal		33400	finished goods		190000
direct labor		53400
raw material		78200
manufacturing OH		73400	end bal		48400
		238400			238400
Finished goods
beg bal		51400	cost of goods sold		222600
work in process		190000	end bal		18800
		241400			241400
Manufacturing overhead
cost ledger control acc		94000	work in process		73400
(manufacturing oh incurred)			cost of goods sold		20600
		94000			94000
Cost of goods sold
Finished goods		222600	costing profit/loss		243200
manufacturing overhead		20600
		243200			243200

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