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Problem - Thai Bay's computer system generated the following trial balance on December 31, 2011. The company's manager knows something is wrong with the trial balance because it does not show any balance for Goods in Process Inventory but does show balances for the Factory Payroll and Factory Overhead accounts.
Debit
Credit
Cash
$52,000
Accounts receivable
46,000
Raw materials inventory
28,000
Goods in process inventory
0
Finished goods inventory
6,000
Prepaid rent
2,000
Accounts payable
$9,600
Notes payable
12,600
Common stock
20,000
Retained earnings
79,000
Sales
224,800
Cost of goods sold
116,000
Factory payroll
18,000
Factory overhead
25,000
Operating expenses
53,000
Totals
$346,000
After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date.
Materials requisition 21-3010:
$4,100 direct materials to Job 402
Materials requisition 21-3011:
$8,000 direct materials to Job 404
Materials requisition 21-3012:
$2,200 indirect materials
Labor time ticket 6052:
$2,000 direct labor to Job 402
Labor time ticket 6053:
$14,000 direct labor to Job 404
Labor time ticket 6054:
$2,000 indirect labor
Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 200% of direct labor cost.
Required - Prepare a revised trial balance.
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