Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance $ 20,500 Work in process, beginning balance $ 32,800 Finished Goods, beginning balance $ 50,800 Transactions: (1) Raw materials purchases $ 79,100 (2) Raw materials used in production (all direct materials) $ 77,900 (3) Direct labor $ 52,800 (4) Manufacturing overhead costs incurred $ 92,500 (5) Manufacturing overhead applied $ 72,800 (6) Cost of units completed and transferred from Work in Process to Finished Goods $ 190,000 (7) Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold ? (8) Finished goods are sold $ 221,700 Required: Complete the following T-accounts by recording the beginning balances and each of the transactions listed above.

Raw Materials T - Account

Debit  :

Beginning Balance                              $ 20,500

Raw materials purchases                     $ 79,100

Total                                                      $99,600

Credit :

Raw materials used in production      $ 77,900

Closing Balance                                   $ 21,700

Total                                                      $99,600

Overheads T - Account

Debit  :

Manufacturing overhead costs incurred   $ 92,500

Totals                                                           $ 92,500

Credit :

Manufacturing overhead applied               $ 72,800

Understatement of Overheads                   $ 19,700

Totals                                                           $ 92,500

Work In Process T - Account

Debit  :

Beginning Work In Process                      $ 32,800

Raw materials                                            $ 77,900

Direct Labor                                              $ 52,800

Manufacturing overhead applied            $ 72,800

Totals                                                        $236,300

Credit :

Transferred to Finished Goods              $ 190,000

Ending Work In Process                            $46,300

Totals                                                        $236,300

Finished Goods T - Account

Debit :

Beginning Balance                                    $ 50,800

Transferred from Work In Process          $ 190,000

Totals                                                         $240,800

Credit :

Trading Account                                       $ 221,700

Ending Balance                                           $ 19,100

Totals                                                         $240,800

Cost of Goods Sold = $241,400

Explanation:

Cost of Goods Sold = $ 221,700 + $ 19,700 (under-applied overheads)

                                 = $241,400

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.