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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 Beginning $ 36,200 6,250 36,500 Ending ? $ 32,500 59,600 Required: 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Debit Beginning balance Ending balance Credit Work-in-Process Inventory Debit Credit Beginning balance Finished Goods Ending balance Manufacturing Overhead Control Applied Manufacturing Overhead Debit Credit Debit Credit Beginning balance Beginning balance Ending balance

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 Beginning $ 36,200 6,250 36,500 Ending ? $ 32,500 59,600 Required: 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Debit Beginning balance Ending balance Credit Work-in-Process Inventory Debit Credit Beginning balance Finished Goods Ending balance Manufacturing Overhead Control Applied Manufacturing Overhead Debit Credit Debit Credit Beginning balance Beginning balance Ending balance

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PA: The following data summarize the operations during the year. Prepare a journal entry for each...
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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 ? $ 32,500 59,600 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Debit Beginning balance Ending balance Credit Work-in-Process Inventory Debit Credit Beginning balance Finished Goods Ending balance 0 Manufacturing Overhead Control Applied Manufacturing Overhead Debit Credit Debit Credit Beginning balance Beginning balance Ending balance 0
Transcribed Image Text: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 ? $ 32,500 59,600 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Debit Beginning balance Ending balance Credit Work-in-Process Inventory Debit Credit Beginning balance Finished Goods Ending balance 0 Manufacturing Overhead Control Applied Manufacturing Overhead Debit Credit Debit Credit Beginning balance Beginning balance Ending balance 0
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