Question

Show posted T-Accounts for all inventories, Cost of Goods Sold, Manufacturing overhead control, and manufacturing overhead allocated.

SRS COST DATA Direct materials and supplies purchased on credit: $800 Direct materials used: $710 Indirect materials issued to various production departments: $100 Direct manufacturing labor: $1.300 Indirect manufacturing labor incurred by various production departments: S900 Depreciation on building and manufacturing equipment: $400 Miscellaneous manufacturing overhead incurred by various production departments: $550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ? Cost of goods manufactured: $4,120 Revenues: S8,000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020 Inventories, December 31, 2016 (not 2017): o Materials control: $100 o Work- o Finished goods control: S500 in-process control: S60

Answer 1

Ans-3- Preparing T-Accounts for all inventories, Cost of goods sold, Manufacturing overhead control and manufacturing allocated:-

Materials Control

Balance on 31.12.2016	100	Issue	710
Purchases	800	Issue	100
Balance on 31.12.2017	90

Work in Progress Control

Balance on 31.12.2016	60
Material Control	710	Finished Goods Control	4,120
Wages Payable	1,300
Manufacturing Overhead Allocated	2,080	Balance on 31.12.2017	30

Finished Goods Control

Balance on 31.12.2016	500	Cost of goods sold	4,020
Work in progress	4,120
		Balance on 31.12.2017	600

Cost of Goods Sold

Finished Goods Control	4,020	Manufacturing Overheads Allocated	130
		Balance on 31.12.2017	3,890

Manufacturing Overheads Control

Material Control	100	Manufacturing Overheads Allocated	1,950
Wages Payable	900
Depreciation on building nad machine equipment	400
Miscellaneous Overheads	550
Balance on 31.12.2017	0

Manufacturing Overhead Allocated

Cost of Goods Sold	130
		Balance on 31.12.2017	130