P21-2A - overhead to Cost of Goods Sold c Gross Profit = 427 000 98 000 62 000 94 500 2 000 = 170500 Work in Process Inventory 1/1 98,000 1/1

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P21-1A a) Raw Materials Inventory 1/1 Beginning Balance 20,000 100,000 Balance 120,000 1/1 30,000 Balance 90,000 During the year 27,000 Balance 63,000 28,000 Balance 35,000 40,000 31/12 Ending Balance -5,000 incurred 95,000 Factory Labor 1/1 Beginning Balance 38,000 During the year 30,000 40,000 64,000 31/12 Endidng Balance 134,000 Manfacturing Overhead 1/1 Beginning Balance 47,500 During the year 120,000 12,000 18,000 19,500 Balance 169,500 37,500 Balance 132,000 50,000 Balance 82,000 80,000 Balance 2,000 31/12 Ending Balance 2,000 incurred 167,500 b) Dec. 31 Cost of Goods Sold $2,000 Manufacturing Overhead $2,000 (To adjust manufacturing
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Unformatted text preview: overhead to Cost of Goods Sold) c) Gross Profit = 427 000 - 98 000 - 62 000 - 94 500 - 2 000 = 170500 Work in Process Inventory 1/1 98,000 1/1 62,000 1/1 18,000 63,000 20,000 25,000 12,000 52,500 18,000 22,500 1/1 Beginning Balance 115,500 During the year 27,000 94,500 30,000 37,500 28,000 118,000 40,000 50,000 40,000 Unfinished Job 184,000 64,000 80,000 Finished Goods Inventory 1/1 98,000 98,000 1/1 62,000 62,000 94,500 94,500 118,000 372,500 Cost of Goods Sold 1/1 98,000 1/1 62,000 94,500 281,000...
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This note was uploaded on 09/20/2011 for the course ACCT 221 taught by Professor Prof during the Spring '10 term at Alabama State University.

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P21-2A - overhead to Cost of Goods Sold c Gross Profit = 427 000 98 000 62 000 94 500 2 000 = 170500 Work in Process Inventory 1/1 98,000 1/1

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