Balance Sheet and Factory Overhead Essay

Words: 2566
Pages: 11

Chrome-It, Inc., manufactures special chromed parts made to the order and specifications of the customer. It has two production departments, stamping and plating, and two service departments, power and maintenance. In any production department, the job in process is wholly completed before the next job is started. The company operates on a fiscal year, which ends September 30. Following is the post-closing trial balance as of September 30:
Additional information:
1. The balance of the materials account represents the following:
The company uses the FIFO method of accounting for all inventories. Material A is used in the stamping department, and materials B and C are used in the plating department.
2. The balance
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31 Receipts (l) 55,500 |
| 31 Sales (k) 43,140 | |
| 64,840 | |
|9,340 | |

|Finished Goods |
| | |
|Oct. 1 Inventory 8,750 |Oct. 31 Cost of goods |
| 31