Solution - Ledger worksheet of reimel furniture company inc.
1) Raw Material Ledger
Debit | Amount | Credit | Amount |
To Opening Balance | $225000 | By Work In process | $172000 |
By Closing balance | $53000 | ||
Total | $225000 | Total | $225000 |
2) Wages Payable Ledger
Debit | Amount | Credit | Amount |
To Closing balance | $321000 | By Work in Process | $321000 |
Total | $321000 | Total | $321000 |
3) Finished goods ledger
Debit | Amount | Credit | Amount |
To Opening Balance | $30000 | By Cost of goods sold | $132000 |
To Work in Process | $122000 | By Closing balance | $20000 |
Total | $152000 | Total | $152000 |
4) Accounts Receivable ledger
Debit | Amount | Credit | Amount |
To Sales | $193000 | By closing balance | $193000 |
Total | $193000 | Total | $193000 |
5) Work in process Ledger
Debit | Amount | Credit | Amount |
To Opening balance | $16000 | By Finished goods | $122000 |
To Raw Material | $172000 | By Closing balance | $557000 |
To Wages Payable | $321000 | ||
To Manufacturing Overhead | $170000 | ||
Total | $679000 | Total | $679000 |
6) Manufacturing Overhead Ledger
Debit | Amount | Credit | Amount |
To Cash (Since nothing is given in the question about payment mode of manufacturing overhead. It is asumed that these are incurred in cash |
$170000 | By Work in process | $170000 |
Total | $170000 | Total | $170000 |
7) Sales revenue ledger
Debit | Amount | Credit | Amount |
To Income Summary | $193000 | By Accounts Receivable | $193000 |
Total | $193000 | Total | $193000 |
8) Cost of goods sold ledger
Debit | Amount | Credit | Amount |
To Finished goods | $132000 | By Income Summary | $132000 |
Total | $132000 | Total | $132000 |
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 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 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.] 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 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:...
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...
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...
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...
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...
Required information [The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 285,000 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 $ 30,000 Work in process 40,000 Finished goods 43,000 Each of these inventory balances was 10 percent higher at the end of the year. 2. What was...