Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This - Data Table Requirement ng re Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory Ending Finished

image text in transcribedimage text in transcribedimage text in transcribed

This - Data Table Requirement ng re Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory Ending Finished Goods Inventory C. Work in process inventory, October 31 ... $ 1,100 Finished goods inventory, October 1 $ 4,900 Direct labor in October $ 3,500 Purchases of direct materials in October $ 9,000 Work in process inventory, October 1 $ 0 Revenues in October. $ 27,600 Gross profit in October $ 12,500 Direct materials used in October S 8,600 Raw materials inventory, October 31 $ 3,800 Manufacturing overhead in October S 6,200 Print Done Print Done Gamma Electronics manufactures and sells music. Unfortunately, the company recently suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed and completely jumbled. Gamma has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Gamma Electronics' Raw Materials Inventory contains only direct materials. (Click the icon to view the amounts.) Read the requirement a. Find the Cost of Goods Sold in October Determine the cost of Goods Sold in October by completing the following table. Cost of goods sold b. Find the beginning Raw Materials Inventory. Determine the beginning Raw Materials Inventory by completing the following table. Beginning raw materials inventory Materials available for use c. Find the Ending Finished Goods Inventory. Before we can determine the missing amount for ending Finished Goods Inventory, we will first need to calculate the cost of Goods Manufactured. (Complete all answer boxes. For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Total manufacturing costs to account for Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Cost of goods available for sale Ending finished goods inventory Sy Windows

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_2

Step: 3

blur-text-image_3

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

Corporate Finance Text And Cases

Authors: Vishwanath S. R.

3rd Edition

9353282896, 978-9353282899

More Books

Students also viewed these Accounting questions