Managerial Accounting: P3-45 Dessert Delite Company produces frozen microwavable desserts

Managerial Accounting
P3-45
Dessert Delite Company produces frozen microwavable desserts. The following accounts appeared in the ledger as of December 31.
Raw Materials Inventory Accounts Payable
Bal 1/1 21,000 Bal 1/1 2,600
136,500
Bal 12/31 1,000
Bal 12/31 36,000
Finished Goods Inventory
Work in Process Inventory Bal 1/1 12,000
Bal 1/1 17,000
Direct materials Bal 12/31 20,000
Direct labor
Mfg Overhead Cost of Goods Sold
Bal 12/31 19,000 710,100

Manufacturing Overhead 710,100

Sales Revenue
-

Wages Payable
Bal 1/1 2,000
147,000
5,000
Bal 12/31

Accounts Receivable
Bal 1/1 11,200
808,000
Bal 12/31 15,000

Additional information:
a. Accounts payable is used only for direct-material purchases.
b. Underapplied overhead of $2,500 for the year has not yet been closed into cost of goods sold.

Required:
Complete the T-accounts.
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