ASSETS
Cash I think it is 20,950
Production Supplies 89
Raw MTRL Inventory 1050
Work in process Inventory ??
Finished Goods Inventory 1350
Property Plant & Equip 7500
Accumulated Depreciation -4500
Given
| Cash |
|
|
|
$ 9,400 |
|
| Raw Materials Inventory |
|
|
750 |
|
| Work in Process Inventory |
|
|
1,200 |
|
| Finished Goods Inventory |
|
|
2,100 |
|
| Property Plant and Equipment |
|
7,500 |
|
| Accumulated Depreciation |
|
|
|
$ 3,000 |
| Common Stock |
|
|
|
7,800 |
| Retained Earnings |
|
|
|
10,150 |
| Total |
|
|
|
$ 20,950 |
$ 20,950 |
| |
|
|
|
|
|
| Transactions: |
|
|
|
|
|
| Direct raw materials purchased on account |
|
$ 5,700 |
|
| Indirect raw materials purchased on account |
|
$ 300 |
|
| Direct raw materials used for production |
|
$ 5,400 |
|
| Cash paid on accounts payable |
|
$ 5,250 |
|
| Direct labor hours recorded |
|
|
950 |
|
| Wage rate per hour |
|
|
$ 10.50 |
|
| Cash paid on wages payable |
|
|
$ 9,000 |
|
| Expected overhead cost |
|
|
$ 6,300 |
|
| Expected direct labor hours |
|
|
1,000 |
|
| Cash paid for administrative and sales expenses |
$ 900 |
|
| Cash paid for utilities and rent for production |
|
$ 4,650 |
|
| Depreciation on plant and equipment |
|
$ 1,500 |
|
| Goods completed |
|
|
$ 12,000 |
|
| Finished goods inventory sold |
|
|
$ 12,750 |
|
| Cash received for finished goods inventory |
|
$ 18,000 |
|
| Production supplies, ending balance |
|
$ 89 |
|
| |
|
|
|
|
|