a. Prepare journal entries to record the transactions.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods sold.
Extracted text: Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materlals Inventory Process Inventory Beg. bal Bog bal Finished Goods End. bal End. bal Manufacturing Overhead Control Applied Manufacturing Overhead Beg ba Beg. be nces End. ba End. bal. Cash Accounts Payable Beg ba Deg ba End. ba End. bal Accumulated Depreciation-Property, Plant, and Equipment Wages Payable Beg ba Beg ba End. bal End ba Finished Goods inventory Cost of Goods Sold Dog ba Finehed Goods Invontory Beg bal Goods completed Transfer to Cost of Goods Soid End ba Lnd ba
Extracted text: The following transactions occurred in April at Steve's Cabinets, a custom cabinet firm. 1. Purchased $80,000 of materials on account. 2. Issued $4,000 of supplies from the materials inventory. 3. Purchased $56,000 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $68,000 In direct materials to the production department. 6. Incurred direct labor costs of $100,000, which were credited to Wages Payable. 7. Pald $106,000 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 8. Applied overhead on the basis of 125 percent of $100,000 direct labor costs. 9. Recognized depreciation on manufacturing property, plant, and equipment of $50,000. The following balances appeared in the accounts of Steve's Cabinets for April. Beginning $148,200 33,000 166,000 Ending Materials Inventory Nork-in-Process Inventory Finished Goods Inventory $143,200 263,400 Cost of Goods Sold Requlred: a. Prepare journal entries to record the transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B