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Porter Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Porter's transactions during September 2016 Sept. 5
Received material costing $6,000 from a supplier. The material was purchased on account. 9
Requisitioned $14,000 of material for use in the factory, consisting of $11,200 of direct material and $2,800 of indirect material. 11
Recorded the factory payroll: $28,000 of direct labor and $4,000 of indirect labor. 17
Incurred various overhead costs totaling $30,000. (Credit Accounts Payable.) 20
Applied $42,000 of manufacturing overhead to the products being manufactured. 23
Completed product costing $34,000 and moved it to the warehouse. 26
Sold goods with a product cost of $8,000 on account for $12,000.
a. and b. Record the transactions listed above in general journal form, post relevant portions to the four T‑accounts set-up below, and balance the four accounts. General Journal Date Description Debit Credit Sept. 5 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 9 Work in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 11 Work in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 17 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 20 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 23 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer Sept. 26 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer To record cost of goods sold. Sept. 26 AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer AnswerAccounts payableAccounts receivableCost of goods soldFinished goods inventoryManufacturing overheadMaterials inventorySalesWages payableWork in process inventory Answer Answer To record sale of product.
For T-accounts, enter transactions in order of occurrence using the first available answer box in the appropriate debit or credit column. Materials Inventory Bal.
16,000 Answer Answer Answer Bal. Answer Answer Work in Process Inventory Bal.
52,000 Answer Answer Answer Answer Answer Answer Answer Bal. Answer Answer Finished Goods Inventory Bal.
22,000 Answer Answer Answer Bal. Answer Answer Cost of Goods Sold Bal.
64,000 Answer Answer Answer Bal. Answer Answer

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