Question
Great Electronics manufactures and sells a line of smartphones. Unfortunately, Great Electronics suffered serious fire damage at its home office. As a result, the
Great Electronics manufactures and sells a line of smartphones. Unfortunately, Great Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Great 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 amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory 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 27600 15000 12600 Gross Profit 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 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.)
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