AFM131 Lecture 9: Marketing - Helping Buyers Buy (2)
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5 Oct 2018
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10.
Schoff Corporation has provided the following data for the mostrecent month: |
Raw materials,beginning balance | $ | 10,100 |
Work in process,beginning balance | $ | 22,100 |
Finished goods,beginning balance | $ | 52,600 |
Transactions | |||
(1) | Raw materials purchases | $ | 75,400 |
(2) | Raw materials used in production (all direct materials) | $ | 78,900 |
(3) | Direct labor | $ | 72,300 |
(4) | Manufacturing overhead costsincurred | $ | 82,600 |
(5) | Manufacturing overhead applied | $ | 76,200 |
(6) | Cost of units completed andtransferred from work in process to finished goods | $ | 229,000 |
(7) | Any overapplied or underappliedmanufacturing overhead is closed to cost of goods sold | ? | |
(8) | Finished goods are sold | $ | 262,000 |
Required: | |
Prepare T-accounts for Raw Materials, Work in Process, FinishedGoods, Manufacturing Overhead, and Cost of Goods Sold. Record thebeginning balances and each of the transactions listed above.Finally, determine the ending balances. (Record thetransactions in the given order. Omit the "$" sign in yourresponse.) |
Raw Materials |
Beg. bal | (Click toselect)(4)(2)(3)(8)(7)(5)(1)(6) | |||
(Click toselect)(6)(1)(5)(7)(4)(2)(8)(3) | ||||
End. bal | ||||
Work in Process |
Beg. bal | (Click toselect)(1)(6)(5)(7)(4)(2)(3)(8) | |||
(Click toselect)34872615 | ||||
(Click toselect)65187423 | ||||
(Click toselect)43827561 | ||||
End. bal | ||||
Finished Goods |
Beg. bal | (Click toselect)(1)(6)(7)(5)(3)(4)(8)(2) | |||
(Click toselect)(2)(8)(3)(4)(7)(6)(1)(5) | ||||
End. bal | ||||
Manufacturing Overhead |
(Click toselect)(3)(6)(4)(1)(2)(5)(7)(8) | (Click toselect)(2)(5)(7)(4)(8)(1)(6)(3) | |||
(Click toselect)(8)(7)(2)(5)(4)(1)(3)(6) | ||||
Cost of Goods Sold |
(Click toselect)15746823 | ||||
(Click toselect)72364185 | ||||
End. bal | ||||