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Antioch company makes ebook readers

28/04/2021 Client: muhammad11 Deadline: 2 Day

Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $660,000; Raw Materials Inventory, $51,000; Work in Process Inventory, $18,000; Finished Goods Inventory, $43,000; Common Stock, $583,000; and Retained Earnings, $189,000.

Antioch experienced the following accounting events during Year 2. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions.

1. Paid $23,000 of research and development costs.

2. Paid $47,000 for raw materials that will be used to make eBook readers.

3. Placed $83,000 of the raw materials cost into the process of manufacturing eBook readers.

4. Paid $60,000 for salaries of selling and administrative employees.

5. Paid $91,000 for wages of production workers.

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