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Gamma Electronics manufactures and sells a line of video. Unfortunately, Gamma Electronics suffered serious fire damage at its home office. As a result, the
Gamma Electronics manufactures and sells a line of video. 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. Data table a. Find the Cost of Goods Sold in October. Determine the Cost of Goods Sold in October by completing the following table. Cost of goods sold Revenues in October Work in process inventory, October 31 Raw materials inventory, October 31 Direct labor in October Manufacturing overhead in October Work in process inventory, October 1 Finished goods inventory, October 1 Direct materials used in October Gross profit in October $ 27,500 1,300 $ 3,800 3,600 6,000 0 .... $ 4,800 8,000 Purchases of direct materials in October $ 12,600 $ 9,000 b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Materials available for use Print Done c. 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 $0 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. Cost of goods available for sale Ending finished goods inventory
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