Homework Answers
|
DATE |
PARTICULARS |
DR |
CR |
|
May 31 2019 |
Raw materials Purchases |
1,30,000 |
|
|
To cash or accounts payable |
1,30,000 |
||
|
May 31 2019 |
Labour cost |
1,40,000 |
|
|
To cash or accounts payable |
1,40,000 |
||
|
May 31 2019 |
Factory overheads |
70,000 |
|
|
To cash or accounts payable |
70,000 |
||
|
May 31 2019 |
Cost of goods sold |
5,00,000 |
|
|
To Finished goods Inventory |
5,00,000 |
||
|
8,40,000 |
8,40,000 |
||
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Assignment Question(s): &nbs
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REMEMBER ITS T- ACCOUNT FOR EACH ITEM < PLUS NO HAND
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The following information is from ABC Company’s general ledger:
Beginning and ending inventories, respectively, for raw materials
were $9,600 and $11,600 and for work in process were $21,600 and
$23,600. Raw material purchases and direct labor costs incurred
were $37,600 each, and manufacturing overhead applied amounted to
$21,600.
Required: Prepare a statement of cost of goods
manufactured for ABC Company. (Amounts to be deducted
should be indicated by a minus sign.)
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