Question
Please solve the above 3 questions. The example below is how we figured out similar problems before. Just for ease of understanding, I will write
Please solve the above 3 questions. The example below is how we figured out similar problems before. Just for ease of understanding, I will write down all the abbreviations and their meaning.
RM: Raw Materials
WIP: Work In Progress
FG: Finished Goods
BB: Beggining Balance
EB: Ending Balance
DM: Direct Materials
IM: Indirect Materials
DL: Direct Labor
OH: OverHead
COGM: Cost Of Goods Manufactured
COGS: Cost Of Goods Sold
"Circle = Peanut" Refers to how the values in the dotted circles equal the values in the relevant dotted peanut.
This might be tough but I have faith Chegg knows a professional who can solve this one!!
Chapter 2-Cost of Good Manufactured Problem: Extra Problem #3 Data: Direct Materials Beginning Balance WIP Beginning Balance Finished Goods Beginning Balance $16,000 $34,000 $30,000 Direct Materials Purchased $160,000 $294,000 Prime Costs Gross Profit based on sales 20% Cost of Goods Available for Sale Sales $450,000 $500,000 $180,000 Direct Labor 40% of conversion costs Overhead (Using an actual system to apply overhead) 1. What is the ending balance in dirent materials? 2. What is the ending balance in WIP? 3. What is the ending balance in Finished Goods? OL 55 ( 40 15-46 5 6 @det usts(ndret) Misc)Step by Step Solution
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