JOURNAL ENTRIES, T-ACCOUNTS Kaycee, Inc., manufactures brown paper grocery bags. During the month of May,...
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JOURNAL ENTRIES, T-ACCOUNTS Kaycee, Inc., manufactures brown paper grocery bags. During the month of May, the following occurred: a. Purchased materials on account for $23,175. b. Requisitioned materials totaling $19,000 for use in production. c. Incurred direct labor payroll for the month of $17,850, with an average wage of $8.50 per hour. d. Incurred and paid actual overhead of $15,500. e. Charged manufacturing overhead to production at the rate of $7 per direct labor hour. f. Transferred completed units costing $36,085 to finished goods. g. Sold bags costing $30,000 on account for $36,000. Beginning balances as of May 1 were: Materials $ 5,170 Work-in-Process Inventory 11,200 Finished Goods Inventory 2,630 Required: 1. Prepare the journal entries for the preceding events. 2. Calculate the ending balances of: a. Materials Inventory b. Work-in-Process Inventory c. Overhead Control d. Finished Goods Inventory
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