Question

Analyze the following T-accounts: ? (Click the icon to view the T-accounts.) Determine the missing amounts. (Assume all beginning balances are $0 and that material costs are recorded before labor costs.) Finished Goods Inventory Raw Materials Inventory 32,000 20000 (a) Work-in-Process Inventory 19000 39,000 (c) 7,000 13,200 Bal. 12,000 Bal. 200 Bal. 7,000 Accumulated Depreciation Accounts Payable Wages Payable 12,000 32,000 Manufacturing Overhead Cost of Goods Sold 1,000 (g) 13,200 1 1,800 1,600 12,000 Bal. Bal. 33,600

Answer 1

Raw materials Inventory 32,000 $ 20,000 (a) Work in progress inventory $ 19,000 $ 39,000 $ (b) Finished goods inventory 39,000 $ 32,000 (d) Working note-4 C) $ 7,000 13,200 $ Bal $ 12,000 Bal $ 200 Bal $ 7,000 Accumulated depreciation 12,000 Accounts payable $ 32,000 Wages payable S 8,800 Working note -1 Bal Bal $ Manufacturing overhead 1,000 $ 13,200 (g) $ Cost of goods sold 32,000 1,800 12,000 $ Workin 1,600 g note-2 1,600 Bal Bal $ 33,600

$ 1.800 Working note-1 Indirect labour (Manufacturing overhead) |Direct labour (Which is debited to work in progress) Total wages payable $ 7,000 $ 8,800 Working note-2 Manufacturing overhead actual Indirect material Indirect labour depreciation $ 1,000 S 1,800 $12.000 $14,800 Manufacturing overhead applied $13,200 Under applied $ 1,600 Working note-3 Credit Work in progress transferred to finished goods entry General journal Debit Finished goods inventory $39,000 Work in progress inventory $39.000 Working note-4 finished goods sold entry General journal Cost of goods sold Finished goods inventory Credit Debit $32.000 $39,000