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  1. Sample Problems Exercise 28.1 and 28.2

  2. Exercise 28.1The following selected items appeared in the adjusted trial balance columns of the worksheet for Peyton Company on December 31, 2007. From this information, prepare the section of the statement of cost of goods manufactured relating to the cost of raw materials used.

  3. PEYTON COMPANYStatement of Cost of Goods Manufactured (partial)Year ended December 31, 2007 Raw Materials Raw Materials inventory, Jan 1 50,000 Materials Purchases 695,000 Freight-In 15,000 Delivered cost of purchases 710,000 Less purchase Ret. & allowance 5,000 Net Purchases 705,000 Total Materials Available 755,000 Less Raw Materials Inventory, Dec 31 49,000 Raw Materials Used 706,000

  4. Exercise 28.2Using the data from exercise 28.1, prepare the general journal entry to record adjustments for inventory accounts 2007 Adjusting Entries Dec 31 Manufacturing Summary 50,000 Raw Materials Inventory 50,000 31 Raw Materials Inventory 49,000 Manufacturing Summary 49,000 31 Manufacturing Summary 85,000 Work in Process Inventory 85,000 31 Work in Process Inventory 75,000 Manufacturing Summary 75,000 31 Income summary 61,000 Finished goods inventory 61,000 31 Finished goods inventory 59,000 Income Summary 59,000