Question

Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. 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 28,000

Answer 1

Preparation of T Accounts during the year 20X2 Beg.Bal $ Raw materials inventory 2,25,000 $ 1,73,000 RM Used Work in process inventpry Beg.Bal $ 16,000 DM $ 1,73,000 DL $ 3,19,000 MOH $ 1,80,000 $ 1,21,000 end bal $ 5,67,000 end bal $ 52,000 FG Beg.bal Wages payable $ $ 3,19,000 beg bal Manufacturing overhead $ $ 1,80,000 WIP WIP end bal $ 3,19,000 end bal $ 1,80,000 Beg bal WIP $ $ finished goods inventory 28,000 1,21,000 $ 1,32,000 COGS Beg.bal Sales revenue $ $ 1,93,000 Accounts Receivable End bal $ 17,000 End bal $ 1,93,000 Account receivable cost of goods sold Beg.bal sales $ $ Beg bal FG $ $ 1,93,000 1,32,000 end bal $ 1,93,000 End bal $ 1,32,000 * Kindly Comment down for any clarifications/ queries and please upvote.