|a.||Sl No.||Account titles and explanation||Debit||Credit|
|(Purchased materials on account)|
|(Paid for the materials)|
|4||Work in process inventory||27400|
|Payroll taxes payable||15400|
|(Wages cost incurred)|
|Fringe benefits payable||29000|
|(Fringe benefits due)|
|7||Work in process inventory||(61000+29000)*60%||54000|
|(Assigned payroll expenses)|
|(Paid for utilities,power and miscellaneous)|
|9||Work in process inventory||(54000*160%)||86400|
|Work in process inventory|
|Finished goods inventory|
|Cost of goods sold|
|After posting the transactions,do the following|
|Cost of goods sold balance=$ 108275|
|This will be the only transaction in that account and will be coming from finished goods inventory|
|Post $ 108275 in cost of goods sold and finished goods inventory|
|Then,balance the FG inventory and balancing figure will be the cost of goods manufactured and transferred from WIP|
|Now balance Work in process inventory to find the ending balance|
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