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 $ 18,500
Work in process, beginning balance $ 32,000
Finished Goods, beginning balance $ 50,000

Transactions:

(1) Raw materials purchases $ 79,500
(2) Raw materials used in production (all direct materials) $ 77,500
(3) Direct labor $ 52,000
(4) Manufacturing overhead costs incurred $ 90,500
(5) Manufacturing overhead applied $ 72,000
(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 $ 220,500

Required:

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

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Answer #1

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