Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.
(1) Raw materials purchased for cash, $96,000
(2) Direct materials requisitioned for use in production, $69,000
(3) Indirect materials requisitioned for use in production, $22,000
(4) Direct labor wages incurred and paid, $129,000
(5) Indirect labor wages incurred and paid, $16,000
(6) Additional manufacturing overhead costs incurred and paid, $121,000
(7) Manufacturing overhead costs applied to jobs, $163,000
(8) All of the jobs in process were completed.
(9) All of the completed jobs were shipped to customers.
(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Enter the transactions in the T-accounts below and then answer the following questions.

-The adjusted cost of goods sold for the month is:
A) $335,000
B) $361,000
C) $357,000
D) $365,000

Question

Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories.
(1) Raw materials purchased for cash, $96,000
(2) Direct materials requisitioned for use in production, $69,000
(3) Indirect materials requisitioned for use in production, $22,000
(4) Direct labor wages incurred and paid, $129,000
(5) Indirect labor wages incurred and paid, $16,000
(6) Additional manufacturing overhead costs incurred and paid, $121,000
(7) Manufacturing overhead costs applied to jobs, $163,000
(8) All of the jobs in process were completed.
(9) All of the completed jobs were shipped to customers.
(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Enter the transactions in the T-accounts below and then answer the following questions.
      
-The adjusted cost of goods sold for the month is:
A) $335,000 
B) $361,000 
C) $357,000 
D) $365,000

Quizplus · Accepted Answer

11ea7761_18f7_8963_81a5_cf39bbad2963_TB2580_00 11ea7761_18f7_b074_81a5_650ce3cd8fe1_TB2580_00 11ea7761_18f7_b075_81a5_dd277e6a8380_TB2580_00 11ea7761_18f7_d786_81a5_3f3d23ae3bc7_TB2580_00 11ea7761_18f7_d787_81a5_49e48dbc5853_TB2580_00 11ea7761_18f7_fe98_81a5_bd1a0c468d59_TB2580_00 The adjusted cost of goods sold is the ending balance of $357,000 in the Cost of Goods Sold account.

Leak Enterprises LLC Recorded the Following Transactions for the Just