Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

may i know the correct answers from 1-10 Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Direct materials Beginning

may i know the correct answers from 1-10
image text in transcribed
image text in transcribed
Problem: Below are the following balances of accounts as of December 31, 2020: Inventory: Direct materials Beginning Ending 770,000 930,000 Work in process 380,000 265,000 Finished goods 890,000 590,000 Purchases of equipment parts and supplies 402,000 Purchases 1,358,000 Purchase Returns and Allowance 58,000 Freight - in 86,000 Direct labor cost 1,468,000 Direct labor hours 29,360 hours Factory overhead rate per direct labor hour 18.00 Selling expenses 210,000 Administrative expenses 308,000 Sales 3,450,000 Sales Discount 164,000 Determine the following based on the above balances of accounts: 1 Raw Materials Used 1140000 2 2 Prime Cost 2608000 3 3 Conversion Cost 2398480 4 Total Manufacturing Costs 3538480 LO Cost of Goods Manufactured 3653480 6 Cost of Goods Sold 3953480 7 Net Sales 3286000 8 Gross Profit (Loss) (667480) 9 Total Expenses 518000 10 Net Profit (Loss) (149480)

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

Horngrens Accounting Volume 1

Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol Meissner, JoAnn Johnston, Peter Norwood

11th Canadian Edition

0135359708, 9780135359709

More Books

Students also viewed these Accounting questions

Question

What is a confidence interval?

Answered: 1 week ago

Question

It would have cost more to complain.

Answered: 1 week ago