FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Adjusted underallocated balance of Manufacturing Overhead to Cost of Goods Sold.
Allocated manufacturing overhead to jobs.
Completed jobs (transferred Work-in-Process Inventory to Finished Goods Inventory; Cost of Goods Manufactured).
Expired insurance on factory plant and/or equipment.
Incurred and assigned manufacturing wages as direct and indirect labor.
Purchased materials.
Sold inventory (Cost of Goods Sold).
Used direct and indirect materials in production (requisitioned direct and indirect materials).
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Transcribed Image Text:Adjusted underallocated balance of Manufacturing Overhead to Cost of Goods Sold. Allocated manufacturing overhead to jobs. Completed jobs (transferred Work-in-Process Inventory to Finished Goods Inventory; Cost of Goods Manufactured). Expired insurance on factory plant and/or equipment. Incurred and assigned manufacturing wages as direct and indirect labor. Purchased materials. Sold inventory (Cost of Goods Sold). Used direct and indirect materials in production (requisitioned direct and indirect materials).
Analyze the following T-accounts and describe each lettered transaction. Note that some transactions may be compound entries.
1 (Click the icon to view the transactions.)
i More Info
Raw Materials
Work-in-Process
Finished Goods
Inventory
Inventory
Inventory
Prepaid Insurance
(a) (b)
(b) (f)
(c)
(e)|
() (9)
(d)
Manufacturing
Accounts Payable
Wages Payable
Overhead
Cost of Goods Sold
(c)
(g)
(b) (e)
(c) (h)
(d)
(a)
(h)
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Transcribed Image Text:Analyze the following T-accounts and describe each lettered transaction. Note that some transactions may be compound entries. 1 (Click the icon to view the transactions.) i More Info Raw Materials Work-in-Process Finished Goods Inventory Inventory Inventory Prepaid Insurance (a) (b) (b) (f) (c) (e)| () (9) (d) Manufacturing Accounts Payable Wages Payable Overhead Cost of Goods Sold (c) (g) (b) (e) (c) (h) (d) (a) (h)
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