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High Tech Electronics manufactures and sells a line of smartphones. Unfortunately, High Tech Electronics suffered serious fire damage at its home office. As a result,
High Tech Electronics manufactures and sells a line of smartphones. Unfortunately, High Tech Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. High Tech 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. EEB 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 Gross Profit b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Data Table $ 27,600 15,600 $12,000 27,600 Revenues in October Work in process inventory, October 31 .. . $ 1,600 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 Purchases of direct materials in October9,700 3,300 $3,100 $ 6,300 $ 4,000 $ 8,700 $12,000 Materials available for use PrintDone hoose from any list or enter any number in the input fields and then click Check
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