Question

Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance $22,000 $33,400 $51,400 Transactions: (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5 Manufacturing overhead applied (6) Cost of units completed and transferred from Work in Process to Finished Goods (7) Any overapplied or underapplied manufacturing overhead is closed to cost of Goods Sold (8) Finished goods are sold $ 78,800 $ 78,200 $ 53,400 $ 94,000 $ 73,400 $190,000 $222,600 Required: Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Answer 1

Raw Materials

Beggining Balance	$22,000	Work in Process	$78,200
Purchase	$78,800	End Balance	$22,600
TOTAL	$100,800	TOTAL	$100,800

Work in Process

Beggining Balance	$33,400	Finsihed Goods	$190,000
Direct Labor	$53,400
Raw Material	$78,200
Manufacturing Overhead	$73,400	End Balance	$48,400
TOTAL	$238,400	TOTAL	$238,400

Finished Goods

Beggining Balance	$51,400	Cost of Goods Sold	$222,600
Work in Process	$190,000	End Balance	$18,800
TOTAL	$241,400	TOTAL	$241,400

Manufacturing Overhead

Cost Ledger Control acc (Manufacturing Overhead Incured)	$94,000	Work in Process	$73,400
		Cost of Goods Sold	$20,600
TOTAL	$94,000	TOTAL	$94,000

Cost of Goods Sold

Finished Goods	$222,600	Costing Profit / Loss	$243,200
Manufacturing Overhead	$20,600
TOTAL	$243,200	TOTAL	$243,200

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