Question

Required information The following information applies to the questions displayed below.] 0.7 points Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used Direct labor $174.000 324,000 During 20x2, manufacturing overhead of $180,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $225,000 16,000 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Beg Ba Raw Material Inventory 225,000 174.000 Answer is not complete. Work-in-Process Inventory Beg Bal 16,000 Direct material 174,000 Direct labor 324.000 Manufacturing overhead 180,000 51,000 End. Bal. 694,000 Wages Payable Manufacturing Overhead 180.000 Beg Bal. 0 Beg. Bal. 324,000 324,000 End, Bal 180,000 Sales Revenue Finished Goods Inventory 30,000 Beg Bal l Beg Bal 30.000 Accounts Receivable Cost of Goods Sold Beg Bal. Beg Bal.

Answer 1

Raw material inventory						Work In process inventory
beg bal	225000					Beg bal		16000
		174000	Raw material used			Direct material		174000
						Direct labor		324000
end bal	51000					Manufacturing overhead		180000
									121000	Finished
						end bal		573000
Wages payable
Beg bal		0
		324000	WIP			Menufacturing overhead
						Beg bal		0
End bal		324000						180000	work in process
Finished goods inventory						end bal		180000
Beg bal	30000
Work in process	121000
		132000	Cost of goods sold
End bal	19000					sales revenue
						beg bal		0
								197000	account receivable
accounts receivables
Beg bal	0					end bal		197000
sales	197000
						Cost of goods sold
end bal	197000					beg bal		0
						finished goods		132000
						end bal		132000

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