Question

Question is how to Insert the amounts into the appropriate T-accounts in your working papers?

RAW MATERIALS INVENTORY			GOODS-IN-PROCESS INVENTORY			FINISHED GOODS INVENTORY
FACTORY OVERHEAD			FACTORY PAYROLL			COST OF GOODS SOLD

The following calendar year-end information is taken from the December 31, 2017 adjusted trial balance and other records of Leone Company. Information continues on page 2 of these instructions.

Advertising expense	$28,750	Rent expense, office space	$22,000
Depreciation expense, office equipment	$7,250	Rent expense, selling space	$26,100
Depreciation expense, selling equipment	$8,600	Rent expense, factory building	$76,000
Depreciation expense, factory equipment	$33,550	Sales	$4,462,500
Factory supervision	$102,600	Sales salaries expense	$392,560
Factory supplies (indirect materials)	$7,350	Income tax expense for year	$233,725
Factory utilities	$33,000	INVENTORIES:
Direct labor	$675,000	Raw Materials, Jan 1	$166,850
Indirect labor	$56,875	Raw Materials, Dec 31	$182,000

Miscellaneous production costs	$8,425	Works-in-Process, Jan 1	$15,700
Office salaries expense	$63,000	Works-in-Process, Dec 31	$19,380
Raw materials purchased	$925,000	Finished Goods, Jan 1	$167,350
Maintenance expense, factory equipment	$35,400	Finished Goods, Dec 31	$136,490

Answer 1

RAW MATERIAL INVENTORY
Balance		166,850	Manufacturing OH		7,350
Accounts payable		925,000	Goods in procss		902,500
Ending Balance		182,000
MANUFACTURING OVERHEADS
Raw material		7,350	Goods in process		353,200
Accumulated dep		33,550
Cash		102,600
Cash		33,000
Factory Payroll		56,875
Cash		8,425
Cash		35,400
Rent xpenses		76,000
Ending balance		0
goods in Process inventory
Balance		15,700	WIP-Bottling		1,927,020
Raw material Inv.		902,500
Factory payroll		675,000
Manufacturing Overheads		353,200
Balance		19,380
Ffactory payroll
Cash account		731,875	Goods in process		675,000
			Manufacturing OH		56,875
Balance		0
FINISHED GOODS INVENTORY
Balance		167,350	Cost of Goods sold		705,860
Goods in process		675,000
Balance		136,490
Cost of good ssold
Finished Goods inventory		705,860
Balance		705,860