Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,900 of materials on account. 2. Issued $15,400 in direct materials to the production department. 3. Purchased $11,900 of materials on account. 4. Issued $945 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,800, which were credited to Wages Payable. 8. Issued $1,345 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,800 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,500. The following balances appeared in the accounts of Barker Products for September. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning $ 34,400 6,190 34,700 Ending $ 31,300 56,600 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.

Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,900 of materials on account. 2. Issued $15,400 in direct materials to the production department. 3. Purchased $11,900 of materials on account. 4. Issued $945 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,100 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,800, which were credited to Wages Payable. 8. Issued $1,345 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,800 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,500. The following balances appeared in the accounts of Barker Products for September. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning $ 34,400 6,190 34,700 Ending $ 31,300 56,600 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.

Name: None Barker Products is a job shop. The following events occurred in S
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Description: None Barker Products is a job shop. The following events occurred in September:1. Purchased $13.900 of materials on account.2. Issued $15,400 in direct materials to the production department.3. Purchased $11,900 of materials on account.4. Issued $945

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barker Products is a job shop. The following events occurred in September: 1. Purchased $14,500 of materials on account. 2. Issued $16,000 in direct materials to the production department. 3. Purchased $12,500 of materials on account. 4. Issued $975 of supplies from the materials Inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $20,700 cash for utilities, power, equipment maintenance, and other miscellaneous Items for the manufacturing plant. 7. Incurred direct labor costs of $25,000, which were credited to Wages Payable. 8. Issued $1,375 of supplies from the materials Inventory. 9. Applied overhead on the basis of 85 percent of $25,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $13,100. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning $ 36,200 6,250 36,500 Ending…
Barker Products is a job shop. The following events occurred in September: 1. Purchased $13,500 of materials on account. 2. Issued $15,000 in direct materials to the production department. 3. Purchased $11,500 of materials on account. 4. Issued $925 of supplies from the materials inventory. 5. Paid for the materials purchased in transaction (1). 6. Paid $19,700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. 7. Incurred direct labor costs of $23,000, which were credited to Wages Payable. 8. Issued $1,325 of supplies from the materials inventory. 9. Applied overhead on the basis of 85 percent of $23,000 direct labor costs. 10. Recognized depreciation on manufacturing property, plant, and equipment of $12,100. The following balances appeared in the accounts of Barker Products for September: Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning $ 33,200 6,150 33,500 Ending ? ? $…
Barker Products is a job shop. The following events occurred in September: Purchased $14,500 of materials on account. Issued $16,000 in direct materials to the production department. Purchased $12,500 of materials on account. Issued $975 of supplies from the materials inventory. Paid for the materials purchased in transaction (1). Paid $20,700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant. Incurred direct labor costs of $25,000, which were credited to Wages Payable. Issued $1,375 of supplies from the materials inventory. Applied overhead on the basis of 85 percent of $25,000 direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $13,100. The following balances appeared in the accounts of Barker Products for September Beginning Ending Materials Inventory $ 36,200 ? Work-in-Process Inventory 6,250 ? Finished Goods Inventory 36,500 $ 32,500…
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