need help on B!
"Of all the times this hard drive could crash, it had to be now." Linda cried. "How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work." News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help Robert was the first to the rescue. "It might not be as bad as you think, Linda. I have the financial reports from May right here. According to the balance sheet, we had a total inventory of $190,000 at the end of May. And I remember that the Finished Goods Inventory was 60% of that amount "I just finished the inventory counts last night," Michael chimed in from across the hall. "According to my tally sheets, we finished June with $38,000 in Direct Materials Inventory, $21,000 in Work in Process Inventory, and $43,000 in Finished Goods riventory. This was a 25% increase from the balances in Direct Materials Inventory at the end of May. I bet with a little more investigative work, we can get all the numbers you need to complete the reports." Barbara called from Payroll to tell Linda that the company had paid a total of $26,000 for direct labor during June Juan, the billing supervisor, e-mailed Linda that the company had sent out involces to customers totaling $561,000. Linda knew that the overhead rate was 200% of direct labor costs. She also knew that the company priced its product using a 100% markup on the cost of goods sold. Armed with all this information, she sat down to reconstruct the inventory accounts for June. (a1) Your answer is correct. (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, eg. 5,275.) $ 114000 Begininng finished goods (2) Calculate the beginning direct materials. $ 30400 Beginning direct materials (3) Calculate the beginning work in process. 45600 Beginning work in process (4) Calculate the cost of goods sold. (Round answer to the nearest dollar amount, eg. 5,275.) Cost of goods sold $ 280500 (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, eg. 5,275.) Question 6 of 10 0.67/1 III (5) Calculate the cost of goods manufactured (Round answer to the nearest dollar amount,eg. 5,275.) Cost of goods manufactured $ 209500 (6) Calculate the direct material used. (Round answer to the nearest dollar amount, eg. 5,275.) $ 106900 Direct material used (7) Calculate the amount of purchases. (Round answer to the nearest dollar amount es. 5,275) Purchases $ 114500 (8) State the amount of direct labor for the month. $ 26000 Direct labor (9) Calculate the amount of applied overhead. Overhead 52000 e Textbook and Media Attempts: 1 of 3 used (a2) Your answer is correct. Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount.e.g. 5,275.) Direct Materials 30400 (6) DM 106900 (2) Beg Bal (7) Pur 114500 38000 Question 6 of 10 0.67/1 E Using the information available to Linda, prepare T-accounts to reflect the inventory cost flows for June. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g. 5,275.) Direct Materials (2) Beg Bal 30400 (6) DM 106900 (7) Pur 114500 Bal 38000 Work in Process 45600 (5) COG Man (3) Beg Bal 209500 (6) DM 106900 (8) DL 26000 (9) OH 52000 Bal 21000 Finished Goods 114000 (4) COGS 280500 (1) Beg Bal (5) COG Man 209500 Bal. 43000 (b) Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar amount, eg. 5,275.) Schedule of Cost of Goods Manufactured $ v 3 $ v : $
