Tevebaugh Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year: Beginning inventories:
Finished goods $30,000
Estimated total manufacturing overhead
at the beginning of the year $568,000
Estimated direct labor-hours at the
beginning of the year 32,000 direct labor hours
Results of operations:
Raw materials (all direct) requisitioned
for use in production $501,000
Direct labor cost $683,000
Actual direct labor-hours 33,000 direct labor-hours
Manufacturing overhead:
Indirect labor cost $176,000
Other manufacturing overhead costs incurred $420,000
Selling and administrative:
Selling and administrative salaries $219,000
Other selling and administrative expenses $346,000
Cost of goods manufactured $1,567,000
Sales revenue $2,498,000
Cost of goods sold (unadjusted) $1,376,000
How much is the total manufacturing cost added to work in process during the year?
a. $1,567,000
b. $1,268,750
c. $1,769,750
d. $1,184,000

Fred smithers, a recent college graduate decided to open his own portable juice bar, smithers smoothies, to wheel around newport beach. you, a trusted friend of fred, are a business major that has also recently graduated and agreed to handle the books for a while to get some practical experience and have a favor that you can ask of fred in the future. given the following five transactions concerning the new venture, prepare the necessary journal entries for the transactions, post the journal entries to appropriate t accounts and prepare a trial balance as of the end of the month in order to answer to the necessary may 2: fred invests $12,000 of his own money to start the new company. this money was obtained from a part-time job working at a legal firm while he was in school. may 3: fred spent $5,100 cash to purchase a refrigerated trailer that he can pull behind his car and set up at the beach. under your advice, fred agrees to place the new asset under an account called "equipment." may 6: fred bought $640 of supplies on account from the flav-o-rite confectioners company. because they will last longer than a single accounting period fred agrees to record them as, "supplies" as per your suggestion. may 13: fred sat on the beach for six hours without a single sale and was feeling very down. right before he left, however, a plumber escorting his family reunion along the beach stopped by his stand and bought $800 worth of smoothies for the entire family. under your advice, fred agrees to call this cash revenue, "sales." may 15: excited about his new venture, fred withdraws $350 from the company to take his girlfriend out to dinner. what would be the balance in the cash account at the end of the period following the posting of all the transactions?