Question

I would like to get the T accounts from this question.

Question 1: Finn Inc, makes hats. For the month of March 2019, Finn Inc. had these inventory account balances: Account Beginning Balance (Jan 1) Ending Balance (Jan 31) Direct Materials Work in Process $51,000 $72,000 $23,000 $34,000 $89,000 $26,000 Finished Goods During March 2019, Finn Inc. had the following transactions: a. Spent $47,000 on direct materials b. Spent $29,000 on direct labor c. Calculated manufacturing overhead to be $25,000 d. Spent $20.000 on administrative expenses e. Spent $45,000 on selling expenses f. Sold 57,000 hats for $5 each Using this information please create a partial income statement for March 2019 for Finn Inc. incons statement partat), For the year ended march 2019 Soley Reenue (52,800xs) 285.000 Lexicost of good rold 1 (98.000) Gray margin 187,000 Leis adminstatire Expendo 120,000 (45,000) nd operating incomel 122,000 TTTT

Answer 1

T-accounts are as prepared below:

Direct Materials
Particulars	Amount	Particulars	Amount
Beginning Balance	51,000	Work in process	64,000
a.	47,000
	98,000		64,000
Ending Balance	34,000
Work in Process
Particulars	Amount	Particulars	Amount
Beginning Balance	72,000	Finished Goods	101,000
Direct Material	64,000
Direct Labour	29,000
Manufacturing Overhead	25,000
	190,000		101,000
Ending Balance	89,000
Finished Goods
Particulars	Amount	Particulars	Amount
Beginning Balance	23,000	Cost of Goods Sold	98,000
Work in process	101,000
	124,000		98,000
Ending Balance	26,000
Cash
Particulars	Amount	Particulars	Amount
f	285,000	a.	47,000
		b.	29,000
		c	25,000
		d	20,000
		e	45,000
	285,000		166,000
Ending Balance	119,000
Manufacturing Overhead
Particulars	Amount	Particulars	Amount
c	25,000	Work in process	25,000
	25,000		25,000
Ending Balance	0
Administrative Expenses
Particulars	Amount	Particulars	Amount
d	20,000
	20,000		0
Selling Expenses
Particulars	Amount	Particulars	Amount
e	45,000
	45,000		0
Sales Revenue
Particulars	Amount	Particulars	Amount
		f (57,000*5)	285,000
	0		285,000
Cost of Goods Sold
Particulars	Amount	Particulars	Amount
Finished Goods	98,000
	98,000		0