ACCT 2302 - CH 17
Analyze the following T-accounts and describe each lettered transaction. Note that some transactions may be compound entries. LOADING...(Click the icon to view the transactions.) Choose the description that matches each lettered transaction. Raw Materials Work-in-Process Finished Goods Inventory Inventory Inventory Prepaid Insurance (a) (b) (b) (f) (f) (g) (d) (c) (e) Manufacturing Accounts Payable Wages Payable Overhead Cost of Goods Sold (a) (c) (b) (e) (g) (c) (h) (h) (d)
(a) Purchased materials. (b) Used direct and indirect materials in production (requisitioned direct and indirect materials). (c) Incurred and assigned manufacturing wages as direct and indirect labor. (d) Expired insurance on factory plant and/or equipment. (e) Allocated manufacturing overhead to jobs. (f) Completed jobs (transferred Work-in-Process Inventory to Finished Goods Inventory; Cost of Goods Manufactured). (g) Sold inventory (Cost of Goods Sold). (h) Adjusted underallocated balance of Manufacturing Overhead to Cost of Goods Sold.
