Prepare t-accounts for manufacturing overhead and work in

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Reference no: EM13596265

1.Foley Company uses a job-order costing system. The following data relate to the month of october, the first month of the company's fiscal year:

a. Raw materials purchased on account, $210,000.

b. Raw materials issued to production, $190,000 (80% direct and 20% indirect).

c. Direct labor cost incurred, $49,000; and indirect labor cost incurred, $21,000.

d. Depreciation recorded on factory equipment, $105,000.

e. Other manufacturing overhead costs incurred during october, $130,000 (credit accounts payable).

f.The company applies manufacturing overhead cost to production on the basis of $4 per machine-hour. A total of 75,000 machine-hours were recorded for october.

g.Production orders costing $510,000 according to their job cost sheets were completed during october and transferred to finished goods.

h.Production orders that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These goods were sold on account at 50% above cost.

2. Prepare T-accounts for manufacturing overhead and work in process. Post the relevant information above to each account. Compute the ending balance in each account, assuming that work in process has a beginning balance of $35,000.

Reference no: EM13596265

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