The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Bal. (b) Bal. Bal. (c) Bal. Manufacturing Overhead 424,000 (b) Bal. Work in Progress 116,000 (c) 221,000 126,000 465,000 113,000 Finished Goods 176,500 (d) 815,000 122,000 Item (a): Item (b): Work in Process, ending Finished Goods, ending. Cost of Goods Sold Overhead applied 465,000 41,000 815,000 Cost of Goods Sold 869,500 (d) The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: 869,500 $ 46,500 69,750 348,750 $465,000 For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d).
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Bal. (b) Bal. Bal. (c) Bal. Manufacturing Overhead 424,000 (b) Bal. Work in Progress 116,000 (c) 221,000 126,000 465,000 113,000 Finished Goods 176,500 (d) 815,000 122,000 Item (a): Item (b): Work in Process, ending Finished Goods, ending. Cost of Goods Sold Overhead applied 465,000 41,000 815,000 Cost of Goods Sold 869,500 (d) The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: 869,500 $ 46,500 69,750 348,750 $465,000 For example, of the $113,000 ending balance in Work in Process, $46,500 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d).
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 8E: The following data are taken from the general ledger and other records of Phoenix Products Co. on...
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