Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances.
During 2021, the following transactions occurred:
| 1. | Adams purchased raw materials for $160,000 on account |
| 2. | Adams used $150,000 of raw materials in production. Eighty percent were direct |
materials
and 20 percent were indirect materials.
| 3. | $69,000 of direct labor and $27,000 of indirect labor was incurred and paid. |
| 4. | Other manufacturing overhead incurred on account totaled $52,000. |
| 5. | Adams completed production on goods costing $280,000. |
| 6. | Adams sales revenue was $510,000. All goods were sold on account. |
| 7. | Adams' Cost of Goods Sold was $320,000 before adjusting for over-/underapplied |
overhead.
| 8. | Adams applies overhead at 200% of direct labor cost. |
| 9. | Adams collected $530,000 from customers and paid $140,000 to vendors. |
| 10. | Adams closes over-/underapplied overhead to Cost of Goods Sold. |
Required:
| a. | Record the transactions in the appropriate T-accounts and calculate the ending |
balances
at December 31, 2021.
| b. | Calculate total manufacturing costs for 2021. |
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