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 |
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|
|
$ 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 |
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|
|
|
|
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Transactions: |
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|
|
|
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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 |
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$ 18,000 |
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Production supplies, ending balance |
|
$ 89 |
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