Question

The financial records for the Custom Shoe Company have been destroyed in a flood. The following...

The financial records for the Custom Shoe Company have been destroyed in a flood. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts.

Direct Materials Inventory

Beg. Bal.

5,000

?

Transferred Out

Purchases

?

End. Bal.

6,400

Cost of Goods Sold

62,000

Work-in-Process Inventory

Beg. Bal.

7,500

?

Transferred Out

Materials

24,000

Labor

14,500

Overhead

12,000

End. Bal.

?

Finished Goods Inventory

Beg. Bal.

?

?

Transferred Out

Transferred in

49,500

End. Bal.

5,800

Required:

  1. Fill in each of the missing amounts.
  2. Prepare journal entries for the following transactions:
  1. Transfer of materials into production
  2. Transfer of completed goods to Finished Goods
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