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Exercise 11-14A Product cost flow and financial statements LO 11-1, 11-2, 11-3 Rooney Manufacturing Company...

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Accounting

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Exercise 11-14A Product cost flow and financial statements LO 11-1, 11-2, 11-3 Rooney Manufacturing Company was started on January 1,2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,100 cash from the issue of common stock 2. Paid $540 cash for direct raw materials. 3. Transferred $390 of direct raw materials to work in process. 4. Paid production employees $670 cash. 5. Paid $330 cash for manufacturing overhead costs. 6. Applied $230 of manufacturing overhead costs to work in process. 7. Completed work on products that cost $1,060. 8. Sold products that cost $830 for $1,580 cash. 9. Paid $400 cash for selling and administrative expenses 0. Made a $80 cash distribution to the owners. 11. Closed the Manufacturing Overhead account

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