Question

not sure what im dojng wrong here.

The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $21,000 of materials on account. 2 Issued $1,300 of supplies from the materials inventory. 3. Purchased $12,200 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $14,600 in direct materials to the production department. 6. Incurred direct labor costs of $25,000, which were credited to Wages Payable. 7. Paid $22.200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant 8. Applied overhead on the basis of 130 percent of $25,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $11,000 The following balances appeared in the accounts of Steve's Cabinets for April. Ending Materials Inventory Work-in-process Inventory Finished Goods Inventory Cost of Goods sold Beginning $31,140 7.se 34,200 $29.140 54.18 Required: a. Prepare journal entries to record the transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold Answer is not complete. Complete this question by entering your answers in the tabs below.

Answer 1

Finished Goods Inventory					Cost of Goods Sold
Beg. Bal.	34200				Beg. Bal.	0
Goods completed	49120	54180	Transfer to Cost of Goods Sold		Finished Goods inventory	54180
End. Bal.	29140				End. Bal.	54180

Goods completed = $54180 + $29140 - $34200 = $49120