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H3Ko H3Ko
wrote...
Posts: 4891
3 years ago
At the beginning of the year, Barrington Manufacturing had the following account balances:

   Work-in-Process Inventory
2,000   
   Finished Goods Inventory
8,000   
   Manufacturing Overhead
0   
   Cost of Goods Sold
0   
   Sales Revenue
   0

The following additional details are provided for the year:

Direct materials placed in production   $80,000
Direct labor incurred   190,000
Manufacturing overhead incurred   300,000
Manufacturing overhead allocated to production   295,000
Cost of jobs completed   500,000

Record these transactions in the T-accounts and calculate the ending balances for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjuste).
Textbook 

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Answer verified by a subject expert
.unplugged..unplugged.
wrote...
Top Poster
Posts: 2542
3 years ago
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Work-in-Process Inventory:
Beginning balance   $2,000
Add:
Direct materials placed in production   80,000
Direct labor incurred   190,000
Manufacturing overhead allocated to production   295,000
Less:
Cost of jobs completed   (500,000 )
Ending balance in Work-in-Process Inventory   $67,000

Finished Goods Inventory:
Beginning balance   $8,000
Add: Finished goods transferred from Work-in-Process Inventory   500,000
Ending balance   $508,000

Manufacturing Overhead:
Manufacturing overhead incurred   $300,000
Less: Manufacturing overhead allocated to production   (295,000 )
Ending balance   $5,000


   Work-in-Process Inventory
2,000
80,000
190,000
295,000   500,000



67,000   

   Finished Goods Inventory
8,000
500,000   
508,000   

   Manufacturing Overhead
0
300,000   295,000
5,000
This verified answer contains over 160 words.

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wrote...
3 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
wrote...
3 years ago
Glad to have helped!
wrote...
A year ago
yay that awesome
wrote...
2 weeks ago
Thank you so much
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