Question
For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in
For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July; Direct labor of TL250,000 and raw materials of TL350,900 was used. TL360,000 worth of raw materials was purchased. Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs. At the end of July, sales totalled TL1,246,000 and gross profit was 40% of the sales. COGS available for sale equalled TL770,100. Calculate the balance of finished goods as of July 31st. .
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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