Question:
Jay Sports Equipment Company, Inc. incurred the following costs during 20x2.
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Direct material used
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$174,000
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Direct labor
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323,000
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Manufacturing overhead applied
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170,000
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During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firmAc€?cs inventory accounts are as follows:
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Raw material
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$226,000
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Work in process
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18,000
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Finished goods
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28,000
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1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2.