Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ELO CORP for the month of Oct 2011: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor

ELO CORP for the month of Oct 2011: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on selling price; Increase in WIP 1,100.00 ; Ending inventory of Finished goods is 30% of its beginning balance; Total sales 50,000.00. 


What is the ending inventory of Finished goods of the company?

Step by Step Solution

3.30 Rating (159 Votes )

There are 3 Steps involved in it

Step: 1

Okay lets solve this stepbystep Direct materials used 10000 Direct labor rate per hour 5 Direct labo... 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

Step: 3

blur-text-image

Document Format ( 2 attachments)

PDF file Icon
663d4aa19b49c_968402.pdf

180 KBs PDF File

Word file Icon
663d4aa19b49c_968402.docx

120 KBs Word File

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

Cost Accounting A Managerial Emphasis

Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav

13th Edition

8120335643, 136126634, 978-0136126638

More Books

Students also viewed these Accounting questions