Question

Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance...

Eppich Corporation has provided the following data for the most recent month:

Raw materials, beginning balance $ 19,500
Work in process, beginning balance $ 32,400
Finished Goods, beginning balance $ 50,400

Transactions:

(1) Raw materials purchases $ 79,300
(2) Raw materials used in production (all direct materials) $ 77,700
(3) Direct labor $ 52,400
(4) Manufacturing overhead costs incurred $ 91,500
(5) Manufacturing overhead applied $ 72,400
(6) Cost of units completed and transferred from Work in
Process to Finished Goods
$ 190,000
(7) Any overapplied or underapplied manufacturing overhead is
closed to Cost of Goods Sold
?
(8) Finished goods are sold $ 221,100

Required:

Complete the following T-accounts by recording the beginning balances and each of the transactions listed above. Raw Materials, Work in Progress, Finished Goods, Manufacturing Overhead, and Cost of Goods Sold.

Homework Answers

Answer #1
Raw Materials Inventory Work in Process Inventory
Debit Credit Debit Credit
Beg. Bal. 19500 Beg. Bal. 32400
Purchases (1) 79300 77700 Requisitions (2) Direct Materials (2) 77700 190000 Completed and transferred (6)
21100 End. Bal. Direct labor (3) 52400
Manufacturing overhead (5) 72400 44900 End. Bal.
Finished Goods Inventory Manufacturing Overhead
Debit Credit Debit Credit
Beg. Bal. 50400 Manufacturing overhead (4) 91500 72400 Overheads applied (5)
Completed (6) 190000 221100 Cost of goods sold 19100 Underapplied overheads (7)
19300 End. Bal.
Cost of Goods Sold (COGS)
Debit Credit
Finished goods sold (8) 221100
Underapplied overheads (7) 19100
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