Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Groovey Electronics manufactures and sells a line of radio. Unfortunately, Groovey Electronics suffered serious fire damage at its home office. As a result, the accounting

image text in transcribed

image text in transcribed

image text in transcribed

Groovey Electronics manufactures and sells a line of radio. Unfortunately, Groovey Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyedand completely jumbled. Groovey 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 This quiz: 3 point(s) possible This question: 1 point(s) possible !! (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. Cost of goods sold 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 "o" in the appropriate column.) 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 ne office. As a result, the ut the missing pieces of the PF (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 Data table - X Manufactured. (C " in the appropriate column.) Revenues in October... S 27,200 Work in process inventory, October 31...5 1,600 Raw materials inventory, October 31.....5 3,500 Direct labor in October $ 3,900 Manufacturing overhead in October S 6,000 Work in process inventory, October 1....S 0 Finished goods inventory, October 1 S 4,200 Direct materials used in October. S 8,100 Gross profit in October ... S 12,600 Purchases of direct materials in October S 9.300 Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions

Question

10.3 Discuss the five steps in the performance management process.

Answered: 1 week ago