Required information The following information applies to th

Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $172,000 321,000 170,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm\'s inventory accounts are as follows: Raw material Work in process Finished goods $225,000 16,000 30,000

Solution

Solution - Ledger worksheet of reimel furniture company inc.

1) Raw Material Ledger

2) Wages Payable Ledger

3) Finished goods ledger

4) Accounts Receivable ledger

5) Work in process Ledger

6) Manufacturing Overhead Ledger

To Cash

(Since nothing is given in the question about payment mode of manufacturing overhead. It is asumed that these are incurred in cash

7) Sales revenue ledger

8) Cost of goods sold ledger

Debit	Amount	Credit	Amount
To Opening Balance	$225000	By Work In process	$172000
		By Closing balance	$53000
Total	$225000	Total	$225000