Question

Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 322,000 170,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 226,000 16,000 28,000

Answer 1

Work in process inventpry 16,000 173,000 322,000 170,000 Raw materials inventory Beg.Ba Direct material Direct labor Manufacturing overhead Beg.Bal 226,000 173,000 Direct material used End bal 53,000 121,000 Finished goods inventory End bal 560,000 Wages payable Manufacturing overhead beg bal Beg.bal 0 0 170,000 Work in process inventory 322,000 Work in process inventory 322000 End bal End bal 170,000 finished goods inventory Sales revenue Beg bal Work in process inventory Beg.bal 28,000 121,000 0 193,000 Accounts receivable 132,000 Cost of good sold End bal End bal 193,000 17,000 Account receivable cost of goods sold Beg.bal Sales Beg bal Finished goods inventory 0 132,000 193,000 End bal End bal 132,000 193,000