Basic cost system; journal entries; ?nancial statements similar to Self-Study Problem 1 The… 1 answer below »

Basic cost system; journal entries; ?nancial statements similar to Self-Study Problem 1 The post-closing trial balance of Beamer Manufacturing Co. on April 30 is reproduced as follows: Beamer Manufacturing Co. Post-Closing Trial Balance April 30, 2011 Cash …………………………………….. $ 25,000 Accounts Receivable ……………………….. 65,000 Finished Goods ……………………………. 120,000 Work in Process …………………………… 35,000 Materials …………………………………. 18,000 Building ………………………………….. 480,000 Accumulated Depreciation—Building …………. $ 72,000 Factory Equipment ………………………… 220,000 Accumulated Depreciation—Factory Equipment . . . 66,000 Of?ce Equipment ………………………….. 60,000 Accumulated Depreciation—Of?ce Equipment . . . . 36,000 Accounts Payable ………………………….. 95,000 Capital Stock ……………………………… 250,000 RetainedEarnings …………………………. 8 504,000 $ 1,023,000 $ 1,023,000 During the month of May, the following transactions took place: a. Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account). b. Issued raw materials to be used in production, costing $47,000, and miscellaneous factory supplies, costing $15,000 . c. Recorded the payroll, the payments to employees, and the distribution of the wages and salaries earned for the month as follows: factory wages (including $12,000 indirect labor), $41,000; and selling and administrative salaries, $7,000. Additional account titles include Wages Payable and Payroll. (Ignore payroll withholdings and deductions.) d. Recognized depreciation for the month at an annual rate of 5% on the building, 10% on the factory equipment, and 20% on the of?ce equipment. The sales and administrative staff uses approximately one-?fth of the building for its of?ces. e. Incurred various other expenses totaling $11,000. One-fourth of this amount is allocable to the of?ce function. f. Transferred total factory overhead costs to Work in Process.

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