2. Prepare T-Accounts for inventories, Manufacturing overhead, and Cost of Goods Sold. Post Relevant data from your journal entries to these T-Accounts (don't forget to enter the opening balances in your inventory accounts). Compute and ending balance in each account.
Predetermined overhead rate = $153000/36000 machine hours = $4.25 per machine hour
Manufacturing overhead applied = 40000 x $4.25 = $170000
2.
Raw Materials | Work in Process | |||||||
Beg. Bal. | 16000 | Beg. Bal. | 10000 | |||||
a. | 200000 | 190000 | b. | b. | 152000 | 480000 | i. | |
c. | 160000 | |||||||
End. Bal. | 26000 | h. | 170000 | |||||
End. Bal. | 12000 | |||||||
Finished Goods | Manufacturing Overhead | |||||||
Beg. Bal. | 30000 | b. | 38000 | 170000 | h. | |||
i. | 480000 | 475000 | j. | c. | 27000 | |||
d. | 42000 | |||||||
End. Bal. | 35000 | e. | 9000 | |||||
g. | 51000 | |||||||
End. Bal. | 3000 | |||||||
Cost of Goods Sold | ||||||||
j. | 475000 | |||||||
End. Bal. | 475000 |
2. Prepare T-Accounts for inventories, Manufacturing overhead, and Cost of Goods Sold. Post Relevant data from...
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