Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

groovy electronics manufactures and sells a line of smart phones. Unfortunately, groovy electronics suffered series for damage at its home office. As a result, the

groovy electronics manufactures and sells a line of smart phones. Unfortunately, groovy electronics suffered series for damage at its home office. As a result, the accounting records for October we're partially destroyed and completely jumbled. Groovy 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. I provided the fill in answers and tge amounts in pictures, thank you!!
a. fine the cost of good sold in October
b. find The beginning raw materials inventory
image text in transcribed
image text in transcribed
image text in transcribed
c. find the ending finished goods inventory
image text in transcribed
image text in transcribed
unts Data Table Wory ty ... Revenues in October... $ 27,300 Work in process inventory, October 31...$ 1,300 Raw materials inventory, October 31.....$ 3,200 Direct labor in October ......$ 3,900 Manufacturing overhead in October .....$ 6,100 Work in process inventory, October 1.... $ 0 Finished goods inventory, October 1 ....$ 4,200 Direct materials used in October ........$ 8,700 Gross profit in October... $ 12,200 Purchases of direct materials in October $ 9.700 in Print Done Groovey Electronics manufactures and sells a line of smartphones. Unfortunately, Groovey Electronics suf 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 piec the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. Determine the cost of Goods Sold in October by completing the following table. Revenues 27300 15100 Cost of goods sold Gross Profit 12200 b. Find the beginning Raw Materials Inventory Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory 3200 Materials available for use Groovey Electronics manufactures and sells a line of smartphones. Unfortunately, Groovey Electronics suf serious fire damage at its home office. As a result the accounting records for October were partially ics has hired you to help figure out the missing piec Inventory contains only direct materials. Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Direct labor leting the following table. Direct materials used 300 Ending raw materials inventory 100 200 Ending work in process inventory Gross Profit ompleting the following table. Manufacturing overhead Purchases of direct materials Revenues Groovey Electronics manufactures and sells a line of smartphones. 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 o the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. 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 "0" in the appropriate column.) Total manufacturing costs to account for DELL Cost of goods manufactured Now determine the Ending Finished Goods Inventory Groovey Electronics manufactures and sells a line of smartphones. Unfortunately, Groovey Electronics serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Groovey Electronics has hired you to help figure out the missing pi the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. 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

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

Accounting Information And Equity Valuation Theory, Evidence, And Applications

Authors: Guochang Zhang

1st Edition

1461481597, 9781461481591

More Books

Students also viewed these Accounting questions