Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Supply the 7 missing pieces of information (2a-2g) in the following cases denoted by a question mark (?). Each of the three cases is independent

Supply the 7 missing pieces of information (2a-2g) in the following cases denoted by a question mark (?). Each of the three cases is independent of the others. Assume there is no work in process inventory. Please fill in your answers to 2a-2g in the appropriate lines on the answer sheet.

Cost Case 1 Case 2 Case 3
Direct Materials $4,500 $9,000 $5,000
Direct Labor ? (1a) $3,000 $7,000
Manufacturing Overhead $3,000 Rate = 2/3 DM$ ? (1f)
Cost of Goods Manufactured $18,000 ? (1c) $20,000
Sales $30,000 $19,000 ? (1g)
Beginning Finished Goods Inventory $7,000 $2,500 $36,000
Ending Finished Goods Inventory ? (1b) $1,500 $5,000
Cost of Goods Sold $16,000 ? (1d) ?(1h)
Gross Margin $14,000 ? (1e) 16,500

1(a) Direct Labor (Case 1):

1(b) Ending Finished Goods Inventory (Case 1):

1(c) Cost of Goods Manufactured (Case 2):

1(d) Cost of Goods Sold (Case 2):

1(e) Gross Margin (Case 2):

1(f) Manufacturing Overhead (Case 3)

1(g) Sales (Case 3):

1(h) Cost of Goods Sold (Case 3):

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

Step: 3

blur-text-image

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

Accounting Equations & Answers

Authors: Barcharts, BarCharts Inc

1st Edition

1423218248, 9781423218241

More Books

Students also viewed these Accounting questions