September 2023 The following account balances were taken from the records of Colin Company at the beginning of 2011 Cash
2024 Colin Company Assignment Help
The following account balances were taken from the records of Colin Company at the beginning of 2011 Cash 2023
The following account balances were taken from the records of Colin Company at the beginning of 2011: Cash $2,500 Common stock $2,250 Retained earnings $950 Raw materials inventory $300 Work in process inventory $220 Finished good inventory (50 units @ $3.60/unit) $180 The following transactions occurred during 2011: 1. Purchased $750 of raw materials with cash 2. Transferred $500 of raw materials to the production department. 3. Incurred and paid cash for 80 hours of direct labor at $7.50 per hour. 4. Applied overhead using a predetermined overhead rate of $8.00 per direct labor hour. 5. Incurred actual overhead costs of $650 cash. 6. Completed work on 300 units for $3.40 per unit. 7. Paid $200 in selling and administrative expenses in cash. 8. Sold 200 units for $1,500 cash. Assume FIFO inventory or the first units completed are the first units sold to customers. Required: Trace the flow of inventory for these transactions using Row Material, Work in Process, Finished Goods, COGS and Manufacturing OH T accounts. Exclude the cash account. Prepare an income statement for 2011.
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