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 $ 21,000
Work in process, beginning balance $ 33,000
Finished Goods, beginning balance $ 51,000

Transactions:

(1) Raw materials purchases $ 79,000
(2) Raw materials used in production (all direct materials) $ 78,000
(3) Direct labor $ 53,000
(4) Manufacturing overhead costs incurred $ 93,000
(5) Manufacturing overhead applied $ 73,000
(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 $ 222,000

Required:

Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Homework Answers

Answer #1
Raw material Inventory
Bal . 1/1 21000 Work in progress 78000
Purchase 79000
100000 78000
Bal . 1/31 22000
Work in progress inventory
Bal . 1/1 33000 Finished goods 190000
Direct material 78000
Direct labor 53000
Manufacturing overheads 73000
237000 190000
Bal . 1/31 47000
Finshed goods inventory
Bal . 1/1 51000 Cost of goods sold 222000
Work in progress 190000
241000 222000
Bal 1/31 19000
Manufacturing overheads
Actual overheads 93000 Work in progress 73000
93000 73000
Bal 1/31 20000
Cost of goods sold
Finished goods 222000
Unapplied overheads 20000
Total 242000
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