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Unformatted text preview: Manufacturing Summary Work in Process Inventory (Jan. 1) Raw Materials Inventory (Jan. 1) Raw Materials Purchases Factory Depreciation (To close beginning raw materials and work in process inventories and manufacturing cost accounts) Finished Goods Inventory (Dec. 31) (To record ending finished goods inventory and close sales Finished Goods Inventory (Jan. 1) Manufacturing Summary Administrative Expenses (To close beginning finished goods inventory, manufacturing summary, and expense accounts) (To close net income to retained earnings) After posting, the summary accounts will show the following. Summary accounts for a manufacturing company, after posting...
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- Fall '11
- Olsen, Manufacturing Summary