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    Inventory Information for Ricci Manufacturing Corporation

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    The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2008:
    Beginning Ending
    Raw materials $17,000 $19,000
    Work in process 9,000 14,000
    Finished goods 11,000 8,000
    Total $37,000 $41,000
    In addition, the following transactions occurred in 2008:
    1. Raw materials purchased on account, $95,000.
    2. Incurred factory labor, $110,000, all is direct labor. (Credit Factory Wages Payable).
    3. Incurred the following overhead costs during the year: Utilities $11,800, Depreciation on manufacturing machinery $10,000, Manufacturing machinery repairs $9,200, Factory insurance $9,000 (Credit Accounts Payable and Accumulated Depreciation).
    4. Assigned $110,000 of factory labor to jobs.
    5. Applied $44,000 of overhead to jobs.

    Journalize the above transactions using T-Accounts.

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    Solution Summary

    The solution journalizes transactions using t-accounts for inventory for Ricci Manufacturing Corporation.