At the beginning of the year, Barrington Manufacturing had the following account balances

Work-in-Process Inventory
2,000

Finished Goods Inventory
8,000

Manufacturing Overhead
0

Cost of Goods Sold
0

Sales Revenue
0

The following additional details are provided for the year:

Direct materials placed in production $80,000
Direct labor incurred 190,000
Manufacturing overhead incurred 300,000
Manufacturing overhead allocated to production 295,000
Cost of jobs completed 500,000

Record these transactions in the T-accounts and calculate the ending balances for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).

What will be an ideal response

Work-in-Process Inventory:
Beginning balance $2,000
Add:
Direct materials placed in production 80,000
Direct labor incurred 190,000
Manufacturing overhead allocated to production 295,000
Less:
Cost of jobs completed (500,000 )
Ending balance in Work-in-Process Inventory $67,000

Finished Goods Inventory:
Beginning balance $8,000
Add: Finished goods transferred from Work-in-Process Inventory 500,000
Ending balance $508,000

Manufacturing Overhead:
Manufacturing overhead incurred $300,000
Less: Manufacturing overhead allocated to production (295,000 )
Ending balance $5,000

Work-in-Process Inventory
2,000
80,000
190,000
295,000 500,000

67,000

Finished Goods Inventory
8,000
500,000
508,000

Manufacturing Overhead
0
300,000 295,000
5,000