Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it

After a computer failure, you are trying to reconstruct some financial results for the year just ended. While you know that backups are available, it will take too long to get the information you want. You have been able to collect the following information:

Direct materials inventory, January 1 (Beginning) $ 2,800
Direct materials inventory, December 31 (Ending) 2,330
Work-in-process inventory, January 1 (Beginning) 5,400
Work-in-process inventory, December 31 (Ending) 2,500
Finished goods inventory, December 31 (Ending) 3,590
Manufacturing overhead 5,730
Cost of goods manufactured during this year 21,820
Total manufacturing costs 18,920
Cost of goods sold 21,710
Direct labor 3,040
Average selling price per unit 2
Gross margin percentage 37.00 %

Required:

a. Find the finished goods inventory, January 1.

b. Find the direct materials used for the year.

c. Find the Sales revenue. (Round your final answer to the nearest whole dollar.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Understanding And Practice

Authors: Robert Perks

3rd Edition

0077124782, 9780077124786

More Books

Students also viewed these Accounting questions

Question

Who do you consider family?

Answered: 1 week ago