The following partially completed T-accounts summarize last year's transactions for Kelshaw Company.
At the end of the year, the company closes out the balance in the Manufacturing Overhead account to Cost of Goods Sold.
1. The indirect labor cost is:
2. The cost of goods manufactured is:
3. The cost of goods sold (after adjustment for underapplied or overapplied overhead) is:
4. The manufacturing overhead applied is:
5. The cost of direct materials used is:
debit side of t account-------credit side of t account
raw materials: beg balance:4,000 (1) 18000----------(2) 20,000
work in process: beg balance: 8,000 (2)12,000 (4)15,000 (6)28,000--------(7) 50,000
manufacturing overhead: (2) 8,000(3) 12,000 (4) 5,000 (5) 4,000-----(6) 28,000
accounts payable no debits------- (1) 18,000 (5) 4,000
finished goods: beg balace:17,000 (7) 50,000 ending balance: 12,000
wages and salarie payable: no debits-------beg balance: 6,000 (4) 30,000
sales salarie expense: (4) 10,000
accumulated depreciation (factory): no debits----beg balance: 90,000 (3) 12,000