Identifying Manufacturing Cost Flow through T-Accounts
The flow of costs through a company’s cost accounting system is summarized in the following T-accounts:
Raw Materials Inventory | |
(a) | (b) |
Work in Process Inventory | |
(b) | (g) |
(c) |
|
(d) |
|
Manufacturing Overhead | |
(b) | (d) |
(c) |
|
(e) |
|
Finished Goods Inventory | |
(g) | (h) |
Sales Revenue | |
| (i) |
Selling and Administrative Expenses | |
(c) |
|
(f) |
|
Cost of Goods Sold | |
(h) |
|
Other Assets or Liabilities | |
(i) | (a) |
| (c) |
| (e) |
| (f) |
Required:
Describe the transactions represented by letters (a)–(i). When more than one debit appears in a single transaction, explain why the costs are recorded in multiple accounts.
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