- Problem 3 44 Manufacturing Cost Flows Analysis Of T Accounts Lo 3 2 3 5 Problem 3 45 Prepare Journal Entries To Reco 1 (53.76 KiB) Viewed 12 times
Problem 3-44 Manufacturing Cost Flows, Analysis of T-Accounts (LO 3-2, 3-5) Problem 3-45 Prepare journal entries to record the events described above. Perfecto Pizza
Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Bal. 1/1 Bal. 12/31 Bal. V1 Direct material Direct labor Manufacturing overhead Bal. 12/31 Raw Materials Inventory 21,000 36,000 Work-in-Process Inventory 17,000 ? 2 ? 19,000 ? ? Manufacturing Overhead ?? 147,000 Wages Payable 2,000 ? 5,000 Bal. V1 Bal. 12/31 Bal. 1/1 Bal, 12/31 Bal. 11 Bal. 12/31 Accounts Payable 2,500 2 1,000 136,500 Finished Goods Inventory 12,000 ? ? 20,000 Cost of Goods Sold 710,000 Sales Revenue Accounts Receivable 11,000 ? 15,000 806,000 Bal 1/1 Bal, 12/31 Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,500 for the year has not yet been closed into cost of goods sold. Required: Complete the T-accounts by computing the amounts indicated by a
question mark.