Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following inventory information is available f

The following inventory information is available for Ricci Manufacturing Corporation for the year ended December...

70.2K

Verified Solution

Question

Accounting

image

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students