Problem 4-23 Of all the times this hard drive could crash, it had to be now, Marcy cried. "How can I finish the 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 John was the first to the rescue. "It might not be as bad as you think, Marcy. I have the financial reports from last month right here. According to the balance sheet, we had a total inventory of $104,000 at the end of last month. And I remember that the Finished Goods Inventory was 1/3 of that amount." "I just finished the inventory counts last night, Peter chimed in from across the hall. According to my tally sheets, we finished this month with $82,000 in Direct Materials Inventory, $51,000 in Work in Process Inventory, and $29,000 in Finished Goods Inventory. This was a 100% increase from the balances in Direct Materials Inventory and Work in Process Inventory at the end of last month. I bet with a little more Investigative work, we can get all the numbers you need to complete the reports. Sally called from Payroll to tell Marcy that the company had paid a total of $35,000 for direct labor during the month. Juan, the billing supervisor, e mailed Marcy that the company had sent out invoices to customers totaling $290,000 y pnced its product using a 50% markup on the cost of goods sold. Armed with all this information, she sat down to reconstruct the inventory accounts 2l Your answer is partially correct. Try again. (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, e.g. 5,275.) Begininng finished goods (2) Calculate the beginning direct materials. Beginning direct materials 37500 41000 (3) Calculate the beginning work in process. Beginning work in process (4) Calculate the cost of goods sold. (Round answer to the nearest dollar amount, e.g. 5,275 Cost of goods sold (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, e.g.5,275. Cost of goods manufactured 25500 193333 184333 (6) Calculate the direct material used. (Round answer to the nearest dollar amount, e.g. 5,275. Direct material used 104833 (7) Calculate the amount of purchases. (Round answer to the nearest dollar amount, e.g. 5,275.) Purchases 145833 (8) State the amount of direct labor for the month. Direct labor 35000 (9) Calculate the amount of overhead. Overhead 70000 Your answer is partially correct. Try again. Using the information available to Marcy, prepare T-accounts to refect the Inventory cost flows for the month. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g.5,275 Raw Materials (2) Beg Bal 41000 (7) Pur 145833 Work in Process Finished Goods Your answer is partially correct. Try again. Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar am ount, e.g. 5,275.) Schedule of Cost of Goods Manufactured Cost of goods manufactured 212000 Total manufacturing costs Work in process, beginning inventory 26000 Less work inprocess, ending inventory Cost of goods manufactured B 52000 186000 Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar amount, e.g. 5,275.) Schedule of Cost of Goods Manufactured Cost of goods manufactured Total manufacturing costs 5 212000 Add Work in process, beginning inventory 26000 Less + Work in process, ending inventory 52000 Cost of goods manufactured 186000 Add Less Problem 4-23 Of all the times this hard drive could crash, it had to be now, Marcy cried. "How can I finish the 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 John was the first to the rescue. "It might not be as bad as you think, Marcy. I have the financial reports from last month right here. According to the balance sheet, we had a total inventory of $104,000 at the end of last month. And I remember that the Finished Goods Inventory was 1/3 of that amount." "I just finished the inventory counts last night, Peter chimed in from across the hall. According to my tally sheets, we finished this month with $82,000 in Direct Materials Inventory, $51,000 in Work in Process Inventory, and $29,000 in Finished Goods Inventory. This was a 100% increase from the balances in Direct Materials Inventory and Work in Process Inventory at the end of last month. I bet with a little more Investigative work, we can get all the numbers you need to complete the reports. Sally called from Payroll to tell Marcy that the company had paid a total of $35,000 for direct labor during the month. Juan, the billing supervisor, e mailed Marcy that the company had sent out invoices to customers totaling $290,000 y pnced its product using a 50% markup on the cost of goods sold. Armed with all this information, she sat down to reconstruct the inventory accounts 2l Your answer is partially correct. Try again. (1) Calculate the begininng finished goods. (Round answer to the nearest dollar amount, e.g. 5,275.) Begininng finished goods (2) Calculate the beginning direct materials. Beginning direct materials 37500 41000 (3) Calculate the beginning work in process. Beginning work in process (4) Calculate the cost of goods sold. (Round answer to the nearest dollar amount, e.g. 5,275 Cost of goods sold (5) Calculate the cost of goods manufactured. (Round answer to the nearest dollar amount, e.g.5,275. Cost of goods manufactured 25500 193333 184333 (6) Calculate the direct material used. (Round answer to the nearest dollar amount, e.g. 5,275. Direct material used 104833 (7) Calculate the amount of purchases. (Round answer to the nearest dollar amount, e.g. 5,275.) Purchases 145833 (8) State the amount of direct labor for the month. Direct labor 35000 (9) Calculate the amount of overhead. Overhead 70000 Your answer is partially correct. Try again. Using the information available to Marcy, prepare T-accounts to refect the Inventory cost flows for the month. (Post entries in order presented in the problem. Round answers to the nearest dollar amount, e.g.5,275 Raw Materials (2) Beg Bal 41000 (7) Pur 145833 Work in Process Finished Goods Your answer is partially correct. Try again. Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar am ount, e.g. 5,275.) Schedule of Cost of Goods Manufactured Cost of goods manufactured 212000 Total manufacturing costs Work in process, beginning inventory 26000 Less work inprocess, ending inventory Cost of goods manufactured B 52000 186000 Prepare a schedule of cost of goods manufactured in good form. (Round answers to the nearest dollar amount, e.g. 5,275.) Schedule of Cost of Goods Manufactured Cost of goods manufactured Total manufacturing costs 5 212000 Add Work in process, beginning inventory 26000 Less + Work in process, ending inventory 52000 Cost of goods manufactured 186000 Add Less