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Rapid Electronics manufactures and sells a line of video. Unfortunately, Rapid Electronics suffered serious fire damage at its home office. As a result, the accounting
Rapid Electronics manufactures and sells a line of video. Unfortunately, Rapid Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Rapid Electronics has hired you to help figure out the missing pieces of the accounting puzzle. Assume that the Raw Materials Inventory contains only direct materials. Click the icon to view the amounts.) Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory a. Find the Cost of Goods Sold in October. Cost of goods sold is S 15,100 b. Find the beginning Raw Materials Inventory. Beginning raw materials inventory is $ 3,300 c. Find the Ending Finished Goods Inventory. Ending finished goods inventory is $ 6,300 Data table Revenues in October Work in process inventory, October 31 $ 27,600 ... $ 1,500 Raw materials inventory, October 31 ... $ 3,300 Direct labor in October $ 3,100 Manufacturing overhead in October $ 6,200 Work in process inventory, October 1 . . . . . $ 0 Finished goods inventory, October 1 ..... $ 4,700 Direct materials used in October $ 8,400 Gross profit in October Purchases of direct materials in October . . . $ 9,800 $ 12,100
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