Answered: Post the appropriate entries to T…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 9P: Tuscany Products, Inc. uses a job order cost system. The following accounts have been taken from the...

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Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit.

Work in Process
b.	56,570	f.	39,200
e.	19,760
Bal.	37,130	???

Finished Goods
e.	39,200	g.	28,810
Bal.	10,390	???

The T-Accounts are based on these journal entries.

a.	Materials	33,100
	Accounts Payable		33,100
b.	Work in Process	56,570
	Factory Overhead	5,720
	Materials		29,840
	Wages Payable		32,450
c.	Factory Overhead	6,470
	Accounts Payable		6,470
d.	Factory Overhead	1,790
	Accumulated Depreciation		1,790
e.	Work in Process	19,760
	Factory Overhead		19,760
f.	Finished Goods	39,200
	Work in Process		39,200
g.	Cost of Goods Sold	28,810
	Finished Goods		28,810

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