User Account

All Pages

Prepare t-accounts to show the flow of costs

Assignment Help Accounting Basics
Reference no: EM131776751

Problem - 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 materials inventory.

3. Purchased $11,200 of materials.

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

5. Issued $13,000 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

Costs 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.

Reference no: EM131776751

Questions Cloud

Determine whether antiquities should accept the order : Determine whether Antiquities should accept the special order, Management has just received a request
What is the liability for compensated balances on december : The company estimated 200 vacation days available and employees earned $150 per day. What is the liability for compensated balances on December 31, 2009
Create professional website using front-end web framework : Create a new, professional website using the front-end Web framework, Bootstrap. Please refer to this Lynda.com course on Bootstrap to prepare yourself
Discuss colbert was a passive investor in mining partnership : Colbert was a passive investor in a mining partnership. Colbert died during 2016, and he willed the partnership interest to his daughter Noreen
Prepare t-accounts to show the flow of costs : Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold
Discuss solar salt adopts an activity-based costing system : How much will gross profit in the agriculture division be if Solar Salt adopts an activity-based costing system
Explain how agency costs might be found : Explain how agency costs might be found within a firm whose CEO owns no shares in the firm and whose compensation package is unaffected by the profits
What is her net tax due or refund for year : Her employer withheld $1,000 from her payfor taxes. What is her net tax due or refund for this year
Compute taxable income and income tax payable : Prior to 2010, taxable income and pretax financial income were identical. Compute taxable income and income tax payable for 2011

Reviews

Write a Review

Accounting Basics Questions & Answers

  Budget report for a colleague at work

1. Imagine that you are to design a budget report for a colleague at work using a spreadsheet package. Following the prototyping discussion (see also Figure 1-12), describe the steps you would take to design a prototype of this report.

  Analyse how applying these voluntary guidelines

In recent years directors and CEOs of companies have been placing more importance on holistic reporting of company activities rather than simply reporting what is required by the Accounting Standards, the Corporations Act and other legislation.

  Property destruction by the firefighter

Carl applies for fire insurance for his house. Before the application is processed, Carl's house burns down. Carl will have coverage if the insurance company

  Wynn elects the carry back option

Prepare the journal entry to recognize the income tax benefit of the operating loss. Wynn elects the carry back option.

  What would have happened in the european beer market

Explain what kind of market structure give rise to this type of behavior and if they were successful in carrying out their plan

  Coverall carpets inc is planning to borrow 12000 from the

coverall carpets inc. is planning to borrow 12000 from the bank. the bank offers the choice of a 12 percent discount

  Discuss exercise b fogg company has issued all

Exercise B Fogg Company has issued all of its authorized 5,000 shares of $ 400 par value common stock. On 2009 February 1

  How would you respond to canary

Is Canary plan ethical? If you were the chief financial officer of Bloomerville, how would you respond to Canary? How could such a situation be prevented?

  Compute cost of goods sold assuming periodic inventory

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

  Maja co follows the practice of recording prepaid expenses

maja co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. majas

  Rick company has declared a 40000 cash dividend to

1. brandon corporation issues 2000 shares of 40 per common stock for 43 per share. the amount credited to paid-in

  Sven enterprises is a large producer of gourmet pet food

sven enterprises is a large producer of gourmet pet food. during april it produced 147 batches of puppy meal. each

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd