The following inventory information is available for Ricci Manufacturing Corporation for the year ended December...
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The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2013 Ending Inventories: Raw materials Work in process Finished goods S17,000 9,000 11,000 $37.000 $19,000 14,000 8,000 $41,000 Total In addition, the following transactions occurred in 2013 1. Raw materials purchased on account, $70,000 2. Incurred factory labor, $80,000, all is direct labor 3. Incurred the following overhead costs during the year: Utilities $6.800, Depreciation on manufacturing machinery $8,000, Manufacturing machinery repairs S9,200, Factory insurance $9,000 Assigned $80,000 of factory labor to jobs. Applied $35,000 of overhead to jobs. 4. 5. Instructions (a) Journalize the above transactions. (5 marks) (b) Reproduce the manufacturing cost and inventory accounts. Use T-accounts. (3 marks) (c) From an analysis of the accounts, compute the following: (2 marks) 1. Raw materials used. 2. Completed jobs transferred to finished goods
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