Manufacturing Company T Accounts
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Hard Core Enterprises makes peripheral equipment for computers. Emily Vit, the company's new controller, can find only the following partial information for the past two months:
Account/Transaction July August
Beginning Materials Inventory 52,000 ?
Beginning Work in Process Inventory 24,000 ?
Beginning Finished Goods Inventory 36,000 ?
Materials purchased ? 31,000
Direct materials requested 77,000 ?
Direct labor costs ? 44,000
Overhead applied 53,200 ?
Cost of units completed ? 167,000
Cost of Goods Sold 188,000 ?
Ending Materials Inventory 27,000 8,000
Ending Work in Process Inventory ? ?
Ending Finished Goods Inventory 12,000 19,000
The current year's predetermined overhead rate is 110 percent of direct labor cost.
Using the data provided and creating T accounts, compute the unknown values.
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Manufacturing Company T Accounts: Step by step entries for Hard Core Enterprises
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Account Analysis with Unknowns
Hard Core Enterprises makes peripheral equipment for computers. Emily Vit, the company's new controller, can find only the following partial information for the past two months:
Account/Transaction July August
Beginning Materials Inventory 52,000 ?
Beginning Work in Process Inventory 24,000 ?
Beginning Finished Goods Inventory 36,000 ?
Materials purchased ? 31,000
Direct materials requested 77,000 ?
Direct labor costs ? 44,000
Overhead applied 53,200 ?
Cost of units completed ? 167,000
Cost of Goods Sold 188,000 ?
Ending Materials Inventory 27,000 8,000
Ending Work in Process Inventory ? ?
Ending Finished Goods ...
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