Question

AaBbCcDdEe 9 5. A 1121314 1. At the beginning of the current year, Labriola Products had the following inventory amounts on its balance sheet: Raw materials $12,000 Work in process 20,000 Finished goods 35,000 Labriola Products estimated that it would incur $60,000 in manufacturing overhead during the year, and that it would operate at a level of 15,000 direct labor hours. During the current year, the following transactions were completed: C Purchased raw material on account, $8,000. Raw materials were issued to production, $16,000. 90% of these materials were direct, and 10% were indirect. Factory payrolls were paid, 549,000. 80% of the factory payroll was direct labor, and 20% was indirect labor. 14,000 direct labor hours were worked. Administrative payrolls were paid, $12,000. Sales payrolls were paid, $10,000. E. Depreciation on factory equipment, $8,000. Factory utilities paid, $7,000. E Various administrative expenses incurred and paid, $20,000 Various selling expenses incurred and paid $15,000. Various manufacturing overhead costs incurred and paid (other than those indicated above). $30,000. Manufacturing overhead was applied to production Completed production for the current year, $106,600. Sales to customers for the current year were: Selling price $160,000 Cast Sec 1 Pages: 1 of 2 Words: 9 of 249 50 mA OOC82048 11

Answer 1

Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you.
Raw Material Inventory
Date	Debit	Credit	Balance
Beginning	$     12,000	b	$     14,400
a	$        8,000	b	$        1,600
Ending Inventory	$        4,000
Work in process inventory
Date	Debit	Credit	Balance
Beginning	$     20,000	k	$   106,600
b	$     14,400
c	$     39,200
j	$     56,000
Ending Inventory	$     23,000
Finished Goods Inventory
Date	Debit	Credit	Balance
Beginning	$     35,000	l (Plug in)	$   120,000
k	$   106,600
Ending Balance	$     21,600
Cost of Goods Sold
Date	Debit	Credit	Balance
l	$   120,000
Factory overheads	$           400
Factory Overhead
Date	Debit	Credit	Balance
b	$        1,600	j $60,000/15,000*14,000	$     56,000
c	$        9,800	Cost of Goods Sold (Plug in)	$           400
e	$        8,000
f	$        7,000
i	$     30,000