Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of...
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Accounting
Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31.
Additional information:
a.Accounts payable is used only for direct-material purchases.
b.Underapplied overhead of $2,600 for the year has not yet been closed into cost of goods sold.
Required:
Complete the following T-accounts.
Raw MaterialDebitCredit
Bal 1/1 $21,200
Bal 12/31 $36,000
Accounts Payable
Bal 1/1$2700
Bal 12/31 $1000
Work-In-Process Inven.
Bal 1/1$17,000
Direct Material
Direct Labor
Manufacturing Overhead
Bal 12/31$19,000
Finished Goods Inventory
Bal 1/1$12,000
Bal 12/31$20,000
Manufacturing Overhead
$2600
Cost of Goods Sold
$710,000
Wages Payable
Bal 1/1$2000
$147,000
Bal 12/31$5000
Sales Revenue
$810,000
Accounts Receivable
Bal 1/1$11,200
$806,000
Bal 12/31$15,000
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