question archive On November 1, Robotics Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials
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
a. Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold.
b. Calculate the balances at the end of November for Work-in-Process Inventory and Finished Goods Inventory.
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|
Raw Material Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Opening Balance |
11,000.00 |
Work in Process |
40,000.00 |
||||||||||
|
Accounts Payable |
47,000.00 |
Balance |
18,000.00 |
||||||||||
|
58,000.00 |
58,000.00 |
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|
Accounts Payable Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
By Accounts Payable |
47,000.00 |
||||||||||||
|
Manufaturing Supplies Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Opening Balance |
500.00 |
Manufacturing Overhead |
2,500.00 |
||||||||||
|
Accounts Payable |
3,000.00 |
Balance |
1,000.00 |
||||||||||
|
3,500.00 |
3,500.00 |
||||||||||||
|
Direct Labor cost Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Wages payable |
27,000.00 |
Work in Process |
27,000.00 |
||||||||||
|
Wages Payable Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Direct Labor cost |
27,000.00 |
||||||||||||
|
Manufacturing Overhead account |
4,800.00 |
||||||||||||
|
Other Payables |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Manufacturing Overhead account |
3,600.00 |
||||||||||||
|
Manufacturing Depreciation account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Accumulated Depreciation |
15,000.00 |
Manufacturing Overhead Account |
15,000.00 |
||||||||||
|
Accumulated Depreciation Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Manufacturing Depreciation account |
15,000.00 |
||||||||||||
|
Manufacturing Overhead Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Wages payable |
4,800.00 |
Work in Process |
22,500.00 |
||||||||||
|
Other Payables |
3,600.00 |
||||||||||||
|
Manufacturing Depreciation account |
15,000.00 |
Underapplied OH |
900.00 |
||||||||||
|
23,400.00 |
23,400.00 |
||||||||||||
|
Work -In -Process Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Opening Balance |
4,500.00 |
Finished Goods |
90,000.00 |
||||||||||
|
Raw material account |
40,000.00 |
||||||||||||
|
Direct Labor cost account |
27,000.00 |
||||||||||||
|
Manufacturing Overhead Account |
22,500.00 |
Balance |
4,000.00 |
||||||||||
|
94,000.00 |
94,000.00 |
||||||||||||
|
Finished Goods Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Opening Balance |
27,000.00 |
Cost of Goods Sold |
96,000.00 |
||||||||||
|
Work -In -Process Account |
90,000.00 |
Balance |
21,000.00 |
||||||||||
|
1,17,000.00 |
1,17,000.00 |
||||||||||||
|
Cost of Goods Sold Account |
|||||||||||||
|
Particular |
Amount |
Particular |
Amount |
||||||||||
|
Finished Goods Account |
96,000.00 |
||||||||||||
|
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