Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 01 Aug 2017 My Price 11.00

Pawnee Workshops,

The following transactions occurred in October at Pawnee Workshops, a custom manufacturer of furniture:

1. Purchased $16,000 of materials.

2. Issued $800 of supplies from the materials inventory.

3. Purchased $11,200 of materials.

4. Paid for the materials purchased in transaction (1).

5. Issued $13,600 in direct materials to the production department.

6. Incurred direct labor costs of $20,000, which were credited to Wages Payable.

7. Paid $21,200 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant.

8. Applied overhead on the basis of 125 percent of $20,000 direct labor costs.

9. Recognized depreciation on manufacturing property, plant, and equipment of $10,000.  The following balances appeared in the accounts of Pawnee Workshops for October:

 

Beginning

Ending

Materials Inventory

$29,640

 

Work-in-Process Inventory

6,600

 

Finished Goods Inventory

33,200

$28,640

Cost of Goods Sold

 

52,680

Required

a. Prepare journal entries to record the transactions.

b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Aug 2017 11:08 PM My Price 11.00

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