An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two
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Case 1 Case 2 in thousands) S 9,000 $ 3,150 30,000 2,550 Accounts receivable, 12/3 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished goods inventory, 1231 Gross margin Work-in-process inventory, 1/ Work-in-process inventory, 12/31 Finished goods inventory, 1/1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues Accounts receivable, 11 4, 500 2,700 7,950 16,950 1,200 4,500 6,000 18,000 7,500 6,000 12,000 4,500 10,500 13,500 48,000 3,000 10,500 47,700 2,100
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Let G given I inferred Step 1 Use gross margin formula Case 1 Case 2 Revenues 48000 G 47700 G ...View the full answer
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Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133428704
15th edition
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
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