Question

Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,600 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts.

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Answer 1

Raw Materials					Accounts Payable					Work in Process					Finished Goods
Beg. Bal	$    21,100.00						$       2,500.00	Beg. Bal		Beg. Bal	$    17,000.00				Beg. Bal	$    12,000.00
	$ 135,000.00	$ 120,100.00				$ 136,500.00	$ 135,000.00			Material	$ 120,100.00	$ 718,200.00				$ 718,200.00	$ 710,200.00
End. Bal	$    36,000.00						$       1,000.00	End. Bal		Labor	$ 150,000.00				End. Bal	$    20,000.00
										Overhead	$ 450,100.00
										End. Bal.	$    19,000.00
Manufacturing OH					Cost of Goods sold					Wages Payable					Sales Revenue
	$ 452,700.00	$ 450,100.00				$ 710,200.00						$       2,000.00	Beg. Bal				$ 810,000.00
											$ 147,000.00	$ 150,000.00
	$ 452,700.00					$ 710,200.00						$       5,000.00	End. Bal				$ 810,000.00
Accounts Receivable
Beg. Bal	$    11,000.00
	$ 810,000.00	$ 806,000.00
End. Bal	$    15,000.00

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