Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs
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Robo-Pool manufactures robotic pool vacuums. Each unit requires $225 of raw materials and $375 of conversion costs and is sold for $700. During a recent month the company produced 120 units and sold 100 units. Prepare journal entries to record each of the following.
1. Purchase of raw materials on credit.
2. Applied conversion costs to production.
3. Sold 100 units on credit.
4. Record ending inventory and cost of goods sold.
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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1 Work in Process Inventory 27000 Accounts Payable 27000 Purchased materials on cre...View the full answer
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