Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 15,000 Work‐in‐Process $ 45,000 Finished Goods $ 85,000 Morrison applies overhead to production using direct labor hours. As of the beginning of the year, Morrison estimated the year’s total manufacturing overhead to be $140,000 and total direct labor hours to be 5,000. The following transactions occurred during the year: 1. Purchased $94,000 of raw materials on account. 2. Used $87,000 of raw materials. The materials used were classified as: Direct materials $69,000 Indirect materials $18,000 3. Incurred and paid wages and salaries of $190,000, classified as: Direct labor $130,000 (5,200 hours at $25 per hour) Indirect labor $ 15,000 Selling and administration $ 45,000 4. Incurred various costs totaling $83,000, related to: Production (i. e. manufacturing overhead) $60,000 Selling and Administration $23,000 5. Recorded total depreciation of $60,000, related to: Manufacturing equipment $43,000 Equipment used for selling and administration $17,000 6. Work in process totaling $290,000 was transferred to Finished Goods during the year. 7. Finished goods costing $300,000 were sold during the year.
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Morrison Company began the year with the following balances in its inventory accounts: Raw Materia...
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