T Accounts Showing Flow of Cost. The Baton Rouge Chemical Company had the following inventories on 1 answer below »
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T Accounts Showing Flow of Cost. The Baton Rouge Chemical Company had the following inventories on September 1
Raw materials
$40,000
Work in process — materials
$15,000
Finished goods
25,000
Work in process — labor
18,000
Work in process — factory overhead
1 3,500
During the month of September the cost of materials purchased was $100,000, direct labor cost incurred was $90,000, and factory overhead applicable to production was 75% of the direct labor cost. The September 30 inventories were:
Raw materials
$30,000
Work in process — materials
$12,000
Finished goods
47,000
Work in process — labor
20,000
Work in process — factory overhead
15,000
Required: Using three accounts for work in process, prepare T accounts showing the flow of the cost of goods manufactured and sold.
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