Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please fill out Finished Goods inventory sheet INVENTORY ACCOUNTS Finished Goods inventory begin{tabular}{|c|c|c|c|c|c|} hline & 4th Quarter & 1st Quarter & 2nd Quarter & 3rd

image text in transcribed please fill out Finished Goods inventory sheet
image text in transcribed
image text in transcribed
image text in transcribed
INVENTORY ACCOUNTS Finished Goods inventory \begin{tabular}{|c|c|c|c|c|c|} \hline & 4th Quarter & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline Ending units & 0 & 15,000 & 19,000 & 20,000 & 16,000 \\ \hline \multicolumn{6}{|l|}{ Raw Materials inventory } \\ \hline Beginning units on 1/1/2024 & 41,368 & pounds & & & \\ \hline Planned Ending units on 12/31/2024 & 26,000 & pounds & & & \\ \hline Policy & 25.00% & of next quarters' need & ds for production is if & in ending Raw Mat & terials Inventory \\ \hline \end{tabular} Work In Process inventory \begin{tabular}{|r|r|r|} \hline Beginning value 1/1/2024 & $ & 231,720 \\ \hline Planned Ending value on 12/31/2024 & $ & 231,720 \end{tabular} Payment for Raw Materials OPERATING EXPENSES Wages and Salaries Payment Variable Selling \& Administrative Exp. 2.50% of selling price Fixed Selling \& Administrative Exp 2 times monthly on the 15 th and 30 th fully paid each month Payment Policy 85.00% quarter of purchase 15.00% quarter following purchase \begin{tabular}{|c|c|c|c|c|} \hline \multirow{3}{*}{ Payment Policy } & \multirow[b]{2}{*}{2} & \multirow{2}{*}{\multicolumn{2}{|c|}{ times monthly on the 15 th and 30 th }} & \multirow{2}{*}{} \\ \hline & & & & \\ \hline & & \multicolumn{2}{|c|}{ Fully paid each month } & \\ \hline Variable Selling \& Administrative Exp. & 2.50% & of selling price & & \\ \hline & & & & 4 \\ \hline \multicolumn{5}{|l|}{ Fixed Selling \& Administrative Exp } \\ \hline Depreciation & 55,000 & per quarter & & \\ \hline Other Selling \& Administrative Eys & 180,000 & per quarter & i. & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ TAL EXPENDITURES } \\ \hline & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2024 & 2024 & 2024 & 2024 \\ \hline Equipment Purchases & $500,000,00 & $1,000,000.00 & $2,000,000.00 & $5,450,000.00 \\ \hline \end{tabular} INVENTORY ACCOUNTS Finished Goods inventory \begin{tabular}{|c|c|c|c|c|c|} \hline & 4th Quarter & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2023 & 2024 & 2024 & 2024 & 2024 \\ \hline Ending units & 0 & 15,000 & 19,000 & 20,000 & 16,000 \\ \hline \multicolumn{6}{|l|}{ Raw Materials inventory } \\ \hline Beginning units on 1/1/2024 & 41,368 & pounds & & & \\ \hline Planned Ending units on 12/31/2024 & 26,000 & pounds & & & \\ \hline Policy & 25.00% & of next quarters' need & ds for production is if & in ending Raw Mat & terials Inventory \\ \hline \end{tabular} Work In Process inventory \begin{tabular}{|r|r|r|} \hline Beginning value 1/1/2024 & $ & 231,720 \\ \hline Planned Ending value on 12/31/2024 & $ & 231,720 \end{tabular} Payment for Raw Materials OPERATING EXPENSES Wages and Salaries Payment Variable Selling \& Administrative Exp. 2.50% of selling price Fixed Selling \& Administrative Exp 2 times monthly on the 15 th and 30 th fully paid each month Payment Policy 85.00% quarter of purchase 15.00% quarter following purchase \begin{tabular}{|c|c|c|c|c|} \hline \multirow{3}{*}{ Payment Policy } & \multirow[b]{2}{*}{2} & \multirow{2}{*}{\multicolumn{2}{|c|}{ times monthly on the 15 th and 30 th }} & \multirow{2}{*}{} \\ \hline & & & & \\ \hline & & \multicolumn{2}{|c|}{ Fully paid each month } & \\ \hline Variable Selling \& Administrative Exp. & 2.50% & of selling price & & \\ \hline & & & & 4 \\ \hline \multicolumn{5}{|l|}{ Fixed Selling \& Administrative Exp } \\ \hline Depreciation & 55,000 & per quarter & & \\ \hline Other Selling \& Administrative Eys & 180,000 & per quarter & i. & \\ \hline & & & & \\ \hline \multicolumn{5}{|l|}{ TAL EXPENDITURES } \\ \hline & 1st Quarter & 2nd Quarter & 3rd Quarter & 4th Quarter \\ \hline & 2024 & 2024 & 2024 & 2024 \\ \hline Equipment Purchases & $500,000,00 & $1,000,000.00 & $2,000,000.00 & $5,450,000.00 \\ \hline \end{tabular}

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_2

Step: 3

blur-text-image_3

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

Fundamentals Of Cost Accounting

Authors: Michael W Maher, William N. Lanen, Madhav V. Rajan

1st Edition

0073018376, 978-0073018379

More Books

Students also viewed these Accounting questions

Question

Demonstrate through language that you are grateful to be informed.

Answered: 1 week ago

Question

Always mention the specifi c problem the customer faced.

Answered: 1 week ago