Question

Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 174,000 Direct...


Reimel Furniture Company, Inc. incurred the following costs during 20x2.

Direct material used $ 174,000
Direct labor 320,000
Manufacturing overhead 160,000


During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows:

Raw material $ 225,000
Work in process 18,000
Finished goods 30,000

1. Prepare T-accounts to show the flow of costs through the company’s manufacturing accounts during 20x2.

2. Prepare a partial balance sheet (just inventory) and a partial income statement to reflect the information given above.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Closing balance of finished goods =(30,000+121,000-132,000)=19,000

opening balance Manufacturing C.H. Ale 0 work in progress & the 160,000 closing balance 160,000 Saless Opening balance Accoun

Add a comment
Know the answer?
Add Answer to:
Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 174,000 Direct...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 172,000 Direct...

    Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used $ 172,000 Direct labor 320,000 Manufacturing overhead 160,000 During 20x2, products costing $120,000 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 $ 226,000 Work in process 14,000 Finished goods 30,000 Exercise 3-31 Part 1 Required: 1. Prepare T-accounts to show...

  • Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.      Direct material used $172,000...

    Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.      Direct material used $172,000   Direct labor 320,000   Manufacturing overhead applied 160,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm’s inventory accounts are as follows:      Raw material $225,000   Work in process   16,000   Finished goods    30,000 Required: 1. Prepare T-accounts to show the flow...

  • Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing...

    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 Required: 1. Prepare T-accounts to show the flow of costs...

  • Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred...

    Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 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 $ 225,000 16,000...

  • Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred...

    Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 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 $ 225,000 16,000...

  • Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred...

    Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $ 197,000. 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...

  • Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred...

    Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $172,000 321,000 170,000 During 20x2, products costing $122,000 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 $225,000 16,000 30,000

  • Required information The following information applies to the questions displayed below.] 0.7 points Reimel Furniture Company,...

    Required information The following information applies to the questions displayed below.] 0.7 points Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174.000 324,000 During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. 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...

  • Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred...

    Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $173,000 320,000 160,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $197,000. 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 14,000 30,000 Required:...

  • Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 275,000 Direct...

    Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 275,000 Direct labor 130,000 Manufacturing overhead 273,000 The firm’s predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 32,000 Work in process 40,000 Finished goods 41,000 Each of these inventory balances was 10 percent higher at the end of the year. 2. What was the cost of goods sold for the year?

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT