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Business, 19.10.2020 20:01 tiffxnnyyy

Sunset Products manufactures skateboards. The following transactions occurred in March. Purchased $24,500 of materials on account. Issued $1,450 of supplies from the materials inventory. Purchased $25,900 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $30,900 in direct materials to the production department. Incurred direct labor costs of $29,500, which were credited to Wages Payable. Paid $22,400 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing shop. Applied overhead on the basis of 120 percent of direct labor costs. Recognized depreciation on manufacturing property, plant, and equipment of $5,900. The following balances appeared in the accounts of Sunset Products for March:
Beginning Ending
Materials Inventory $ 13,500 ?
Work-in-Process Inventory 24,750 ?
Finished Goods Inventory 97,500 $ 54,750
Cost of Goods Sold 120,000
Required:
a. Prepare journal entries to record the transactions. (If o entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transactions General Journal Debit Credit
1.
2.
3.
4.
5.
6.
7.
8.
9.
b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
Materials Inventory
Beg. bal.



End. bal.
Work in Progress Inventory
Beg. bal.




End. bal.
Manufacturing Overhead Control
Beg. bal.




End. bal.
Applied Manufacturing Overhead
Beg. bal.


End. bal.
Accounts Payable
Beg. bal.



End. bal.
Cash
Beg. bal.



End. bal.
Wages Payable
Beg. bal.


End. bal.
Accumulated Depreciation-Property, Plant, and Equipment
Beg. bal.


End. bal.
Finished Goods Inventory
Beg. bal.
Goods Completed Transfer to Cost of Goods Sold
End. bal.
Cost of Goods Sold
Beg. bal.
Finished Goods Inventory
End. bal.

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Sunset Products manufactures skateboards. The following transactions occurred in March. Purchased $2...

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