Brown Company makes copper fire pits. Each job is unique in size and design. Brown has provided you with the following January 1, 2021 account balances.
During 2021, the following transactions occurred:
| 1. | Brown purchased raw materials for $125,000 on account. |
| 2. | Brown used $150,000 of raw materials in production. Ninety percent were direct |
materials
and 10 percent were indirect materials.
| 3. | $72,000 of direct labor and $30,000 of indirect labor was incurred and paid. |
| 4. | Other manufacturing overhead incurred and paid totaled $55,000. |
| 5. | Brown completed production on goods costing $275,000 |
| 6. | Brown's sales revenue was $520,000. All goods were sold on account. |
| 7. | Brown's Cost of Goods Sold was $330,000 before adjusting for over- or underapplied |
overhead.
| 8. | Brown applies overhead at 150% of direct labor cost. |
| 9. | Brown collected $530,000 from customers and paid $140,000 to vendors. |
| 10. | Brown closes over- or underapplied overhead to Cost of Goods Sold. |
Required:
| a. | Record the transactions in the appropriate T-accounts and calculate the ending |
balances
at the end of 2021.
| b. | Calculate total manufacturing costs for 2021. |
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