Question

could you complete the t-account and answer questions 15-20 please.

Analyze the following January activity for the T-accounts below. Wood's company's predetermined overhead rate is 200% of direct labor cost. Using the following, complete the accounts. Work in Process Inventory Beginning WIP 50,000 Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 60,000 Factory Overhead 138,000 140,000 Beginning FG Finished Goods Inventory 40,000 265.000 35,000 270,000 Ending FG 15. Direct Materials = 16. Direct Labor = 17. Applied Overhead = 18. Amount transferred to Finished Goods = 19. Cost of Goods Sold = 20. The total manufacturing costs charged to production in January amounted to: a. $275,000 b. $325,000 c. $335,000 d. $395,000

Answer 1

Work in Process Inventory
Beginning WIP Direct Materials Direct Labor Applied Overhead	$50,000 $65,000 $70,000 $140,000	Finished Goods inventory	$265,000
Ending WIP	$60,000

15. Direct Materials = $65,000 ($265,000+60,000-50,000-70,000-140,0000)

16. Direct labor = $70,000 ($140,000 X 50%)

17. Applied Overhead = $140,000 ( From Factory Overhead account)

18. Amount transferred to Finished Goods = $265,000 ( From Finished Goods Inventory account )

19. Cost of Goods Sold = $270,000 ( From Finished Goods Inventory account )

20. a. $275,000 [$65,000(DM) + $70,000(DL) + $140,000(AO)]