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Home > Education > Homework Help > Finance & Accounting   »   t-accounts

 
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Old Nov 10, 2006, 04:03 AM
volleygirl3
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t-accounts

I have to put the following in T-accounts:
a) materials purchased during the quarter were $210,000
b) materials issued to the factory were $228,000; indirect materials issued were $16,600
c) labor costs for the factory were $363,000; indirect labor costs were $41,000
d) various manufacturing overhead expenses were paid for a total of $85,100
e) manufacturing overhead cost are allocated to production at 30% of direct labor costs
f) the cost of goods completed was $621,000

Can anyone help me out to tell me if i am doing this right or what i am doing wrong! Any help will be great! Thanks Amanda

Materials Inventory:
Dr. Bal. 328,000
(a)210,000
(c)16,600
Cr. (b)211,400
(c)16,600

Manufacturing Overhead:
Dr.
Bal. 35,200
(c)16,600
(e)85,100
Cr. (f)63,420

Cash:
Dr.
(f)63,420
(g)621,000
Cr. (a) 210,000
(e)85,100

Work in Process:
Dr.
(b)228,000
(d)322,000

Finished Goods:
Dr.
Bal. 190,000
Cr. (g)621,000

Payroll:
Cr. (d)322,000

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