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Homework Answers
Answer:
| No. | Account Title | Debit | Credit |
| 1 | Raw material inventory | $ 46,300 | |
| Account payable | $ 46,300 | ||
| 2 | Work in process inventory | 27,200 | |
| Manufacturing overhead | 8,800 | ||
| Raw material inventory | 36,000 | ||
| 3 | Salaries and wages payable | 55,000 | |
| Cash | 55,000 | ||
| 4 | Work in process inventory | 40,000 | |
| Manufacturing overhead | 15,000 | ||
| Salaries and wages payable | 55,000 | ||
| 5 | Manufacturing overhead | 40,000 | |
| Cash | 40000 | ||
| 6 | Predetermined oberhead rate = 1,000,000/500,000 × 100 = | 200 | % |
| 7 | Work in process inventory | 80,000 | |
| Manufacturing overhead (40,000 × 200%) | 80,000 | ||
| 8 | Finished goods inventory | 65,000 | |
| Work in process inventory | 65,000 | ||
| 9 | Account receivable | 120,000 | |
| Sales | 120000 | ||
| 9 | Cost of goods sold | 72,000 | |
| Finished goods inventory | 72,000 | ||
| 10 | Manufacturing overhead | 16,200 | |
| Cost of goods sold | 16,200 | ||
| (to close over applied balance to COGS) |
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