Question
The following information is available for the Powell Manufacturing company for 2020. LOADING... (Click the icon to view theinformation.) Requirement Assume that all raw materials
The following information is available for the Powell Manufacturing company for 2020.
LOADING...
(Click the icon to view theinformation.)
Requirement
Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above.
Accounts receivable, January 1, 2020
$
100,000
Accounts payable, January 1, 2020
?
Raw materials, January 1, 2020
7,000
Work in process, January 1, 2020
20,000
Finished goods, January 1, 2020
71,000
Accounts receivable, December 31, 2020
60,000
Accounts payable, December 31, 2020
160,000
Raw materials, December 31, 2020
?
Work in process, December 31, 2020
55,000
Finished goods, December 31, 2020
54,000
Raw materials used in production
50,000
Raw materials purchased
100,000
Accounts receivable collections
?
Accounts payable payments
78,000
Sales
?
Total manufacturing costs
?
Cost of goods manufactured
?
Cost of goods sold
60% of Sales
Gross margin
240,000
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
4th Edition
1119607515, 978-1119607519
