T Account Analysis with Unknowns
Partial operating data for Merton Company are presented below. Management has set the predetermined overhead rate for the current year at 120 percent of direct labor costs.
|
Account/Transaction |
June |
July |
|
Beginning Materials Inventory |
a |
e |
|
Beginning Work in Process Inventory |
$ 89,605 |
f |
|
Beginning Finished Goods Inventory |
79,764 |
$ 67,660 |
|
Direct materials requested |
59,025 |
g |
|
Materials purchased |
57,100 |
60,216 |
|
Direct labor costs |
48,760 |
54,540 |
|
Overhead applied |
b |
h |
|
Cost of units completed |
c |
231,861 |
|
Cost of Goods Sold |
166,805 |
i |
|
Ending Materials Inventory |
32,014 |
27,628 |
|
Ending Work in Process Inventory |
d |
j |
|
Ending Finished Goods Inventory |
67,660 |
30,515 |
Using T accounts and the data provided, compute the unknown values. Show all your computations.