question archive On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials
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On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows:
Raw Materials ................................ $ 9,000
Manufacturing Supplies ..................... 500
Work-in-Process .............................. 5,000
Manufacturing Overhead .................... 0
Finished Goods ............................... 25,000
During November, Robotics Manufacturing completed the following manufacturing transactions:
1. Purchased raw materials costing $58,000 and manufacturing supplies costing $3,000 on account.
2. Requisitioned raw materials costing $40,000 to the factory.
3. Incurred direct labor costs of $27,000 and indirect labor costs of $4,800.
4. Used manufacturing supplies costing $3,000.
5. Recorded manufacturing depreciation of $15,000.
6. Miscellaneous payables for manufacturing overhead totaled $3,600.
7. Applied manufacturing overhead, based on 2,250 machine hours, at a predetermined rate of $10 per machine hour.
8. Completed jobs costing $85,000.
9. Finished goods costing $96,000 were sold.
Required
Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold.
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