Question
Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020:
Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above.
Accounts receivable, January 1, 2020: 70,000
Accounts payable, January 1, 2020: 89,000
Raw materials, January 1, 2020: 5,000
Accounts payable, January 1, 2020 ?
Raw materials, January 1, 2020: 5,000
Work in process, January 1, 2020: 27,000
Finished goods, January 1, 2020: 72,000
Accounts receivable, December 31, 2020: 110,000
Accounts payable, December 31, 2020: 180,000
Raw materials, December 31, 2020: ?
Work in process, December 31, 2020 61,000
Finished goods, December 31, 2020 49,000
Raw materials used in production 60,000
Raw materials purchased 170,000
Accounts receivable collections?
Accounts payable payments 79,000
Sales ?
Total manufacturing costs ?
Cost of goods manufactured ?
Cost of goods sold
70% of Sales
Gross margin: 330,000
Work in process, January 1, 2020: 27,000
Finished goods, January 1, 2020: 72,000
Accounts receivable, December 31, 2020: 110,000
Accounts payable, December 31, 2020 :180,000
Raw materials, December 31, 2020: 115,000
Work in process, December 31, 2020: 61,000
Finished goods, December 31, 2020: 49,000
Raw materials used in production: 60,000
Raw materials purchased: 170,000
Accounts receivable collections:?
Accounts payable payments: 79,000
Sales:?
Total manufacturing costs:?
Cost of goods manufactured: ?
Cost of goods sold: ?
Gross margin: 330,000
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A Textbook Of Accounting For Management
Authors: S.N. Maheshwari
3rd Edition
9325956195, 978-9325956193
