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Concord Corp. designs and manufactures mascot uniforms for highschool, college, and professional sports teams. Since each team’suniform is unique in color and design, Concord uses a job ordercosting system. On January 1, the T-accounts for some of Concord’sprimary balance sheet accounts were as follows:Raw Materials InventoryWork in Process InventoryBeg.16,000Beg.30,200Finished Goods InventoryCashBeg.23,400Beg.47,000Accounts ReceivableAccounts PayableBeg.62,300Beg.42,500During the year, the following events occurred:1.Concord purchased raw materials costing $83,000 onaccount.2.Concord used $93,000 of raw materials in production. Of these,70% were classified as direct materials and 30% as indirectmaterials. (Concord maintains a single Raw Materials Inventoryaccount.)3.Concord used 33,300 hours of direct labor. The company’saverage direct labor rate was $7.50 per hour (credit WagesPayable).4.The company’s only indirect labor cost was the salary of asecurity guard hired to watch the company’s shop after hours. Theguard’s annual salary was $26,200 (credit Wages Payable).5.Other manufacturing overhead costs the company incurred onaccount totaled $69,600.6.Concord applied $134,000 in manufacturing overhead.7.The company completed production of goods costing$325,000.8.The company’s Cost of Goods Sold balance was $303,750 beforeadjusting for over- or underapplied overhead.9.Sales revenue was $444,000 (all sales were made onaccount).10.Concord collected $428,000 from customers.11.The company paid accounts payable of $107,000.12.At year-end, all wages earned during the year had been paid.Record the transactions above in the appropriate T-accounts andcalculate ending balances. (Post entries in orderpresented in the problem.)