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Trey4sho Trey4sho
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A year ago

Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.

  1. (1) Raw materials purchased for cash, $96,000

  2. (2) Direct materials requisitioned for use in production, $69,000

  3. (3) Indirect materials requisitioned for use in production, $22,000

  4. (4) Direct labor wages incurred and paid, $129,000

  5. (5) Indirect labor wages incurred and paid, $16,000

  6. (6) Additional manufacturing overhead costs incurred and paid, $121,000

  7. (7) Manufacturing overhead costs applied to jobs, $163,000

  8. (8) All of the jobs in process were completed.

  9. (9) All of the completed jobs were shipped to customers.

  10. (10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.

Use the following T-accounts to answer the following question.

Cash
DebitCredit
Raw Materials
DebitCredit
Work In Process
DebitCredit
Finished Goods
DebitCredit
Manufacturing Overhead
DebitCredit
Cost of Goods Sold
DebitCredit

The adjusted cost of goods sold for the month is:



▸ $335,000

▸ $361,000

▸ $357,000

▸ $365,000
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
Authors:
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vicky12345vicky12345
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Trey4sho Author
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A year ago
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