Reference no: EM133117274
Question - The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm.
Purchased $18,500 of materials on account.
Issued $1,050 of supplies from the materials inventory.
Purchased $11,700 of materials on account.
Paid for the materials purchased in transaction (1) using cash.
Issued $14,100 in direct materials to the production department.
Incurred direct labor costs of $22,500, which were credited to Wages Payable.
Paid $21,700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant.
Applied overhead on the basis of 120 percent of $22,500 direct labor costs.
Recognized depreciation on manufacturing property, plant, and equipment of $10,500.
Required -
1. Prepare journal entries to record the transactions.
2. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
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