Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gamma Electronics manufactures and sells a line of smartphones. Unfortunately, Gamma Electronics suffered serious fire damage at its home office. As a result, the accounting
Gamma Electronics manufactures and sells a line of smartphones. Unfortunately, Gamma Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Gamma Electronics has hired you to help figure out the missing pieces of the accounting puzzle Assume that the Raw Materials Inventory contains only direct materials (Click the icon to view the ama Requirement Find the following amounts a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory e. Ending Finished Goods Inventory KDX Data table a. Find the Cost of Goods Sold in October Determine the Cost of Goods Sold in October by completing the following table. Revenues Cost of goods sold Gross Profit b. Find the beginning Raw Materials Inventory 27.300 14800 12,500 Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Purchases of direct materials Materials available for use 9.400 Revenues in October ....$ 27,300 1,500 Work in process inventory, October 31.$ Raw materials Inventory, October 31 S 3,700 Direct labor in October Manufacturing overhead in October $ 3,300 $ 6,100 0 Work in process inventory, October 1 ... S Finished goods inventory, October 1 ... $ 4,600 Direct materials used in October Gross profit in October $ 8,400 $ 12,500 Purchases of direct materials in October $ 0.400 Ending raw materials inventory Drect materials used e. Find the Ending Finished Goods Inventory Print Done e. Find the Ending Finished Goods Inventory Before we can determine the missing amount for ending Finished Goods inventory, we will first need to calculate the Cost of Goods Manufactured (Complete all input fields. For accounts with a 50 balance, make sure to enter "0" in the appropriate column) Total manufacturing costs to account for Cost of goods manufactured Now determine the Ending Finished Goods Inventory Total manufacturing costs to account for Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Cost of goods available for sale Ending finished goods inventory
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started