Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3. Alpha Electronics manufactures and sells a line of music. Unfortunately, Alpha Electronics suffered serious fire damage at its home office. As a result, the
3. Alpha Electronics manufactures and sells a line of music. Unfortunately, Alpha Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Alpha Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. (Click the icon to view the amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the cost of Goods Sold in October. Determine the cost of Goods Sold in October by completing the following table. 27,600 15,500 Cost of goods sold 12,100 (2) Gross Profit b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory (3) Materials available for use (5) c. Find the Ending Finished Goods Inventory Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the cost of Goods Manufactured. (Complete all answer boxes. For accounts with a $0 balance, make sure to enter "o" in the appropriate column) (9) Total manufacturing costs to account for (10) Cost of goods manufactured Now determine the Ending Finished Goods Inventory (12) Cost of goods available for sale Ending finished goods inventory (13) Revenues in October ................ $ 27,600 Work in process inventory, October 31 ... $ 1,300 Raw materials inventory, October 31 .....$ 3,600 Direct labor in October ...............$ 3,100 Manufacturing overhead in October ..... $ 6,200 Work in process inventory, October 1 ....$ 0 Finished goods inventory, October 1 ..... $ 4,200 Direct materials used in October ........$ 8,300 Gross profit in October ........ $ 12,100 Purchases of direct materials in October .. $ 9,000 3. Alpha Electronics manufactures and sells a line of music. Unfortunately, Alpha Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Alpha Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials (Click the icon to view the amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the cost of Goods Sold in October. Determine the cost of Goods Sold in October by completing the following table. (1) Cost of goods sold b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory (3) Materials available for use
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started