Question
Determine the Cost of Goods Sold in October by completing the following table. Revenues $27,100 Cost of goods sold 14,300 Gross Profit $12,800 b. Find
Determine the Cost of Goods Sold in October by completing the following table.
| Revenues | $27,100 |
| Cost of goods sold | 14,300 |
| Gross Profit | $12,800 |
b. Find the beginning Raw Materials Inventory.
Determine the beginning Raw Materials Inventory by completing the following table.
| Revenues in October. . . . . . . . . . . . . . . . . . . | $27,100 |
| Work in process inventory, October 31. . . . . | $1,000 |
| Raw materials inventory, October 31. . . . . | $3,100 |
| Direct labor in October. . . . . . . . . . . . . . . . . | $3,200 |
| Manufacturing overhead in October. . . . . . . | $6,400 |
| Work in process inventory, October 1. . . . . . | $0 |
| Finished goods inventory, October 1. . . . . . | $4,400 |
| Direct materials used in October. . . . . . . . . | $8,300 |
| Gross profit in October. . . . . . . . . . . . . . . . . | $12,800 |
| Purchases of direct materials in October. . . | $9,900 |
Beginning raw materials inventory Materials available for use
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Effective Auditing The Simple Systems Series Book 5
Authors: Jennie Clark CQP
1st Edition
B09YHJR18Y, 979-8802614082
