This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. 1. How much is ending raw materials inventory?

2. How much is in ending work in process inventory?

3. How much is in ending finished goods inventory?

4. How much is gross profit?

5. How much is the total Asset for the company in its Balance Sheet?

6. How much is the total Liability for the company in its Balance Sheet?

7. How much is the total Equity for the company in its Balance Sheet?

8. How much is the total Cash in its Balance Sheet?

9. How much is the total Inventory balance in its Balance Sheet?

10.How much is the Net Income for the company in its Income Statement?

Assume the business commenced operations on January 1, and the summary entries below are the only ones related to job costing activities. Calculate and enter the correct amounts that would appear in financial statements as of the end of January. Correct values will turn the cells green. GENERAL JOURNAL | Date | Accounts | Debit | | Credit ACCOUNT TO DEBIT During 25,000 Jan. ACCOUNT TO CREDIT 25,000 To record purchase of raw materials GENERAL JOURNAL (Dsts | Accounts | Debit | | Crean | During 50,000 Jan. 10,000 ACCOUNT TO CREDIT 8,000 ACCOUNT TO CREDIT 12,000 To transfer $10,000 of raw materials to production, incur $8,000 of direct labor, and apply $12,000 of overhead GENERAL JOURNAL Date Accounts Debit Credit During ACCOUNT TO DEBIT 20,000 Jan. ACCOUNT TO CREDIT 20,000 To transfer completed units to finished goods GENERAL JOURNAL Date Accounts Debit Credit During ACCOUNT TO DEBIT 45,000 Jan. ACCOUNT TO CREDIT 45,000 To record sales of finished goods GENERAL JOURNAL Date Accounts Debit Credit During ACCOUNT TO DEBIT 15,000 Jan. ACCOUNT TO CREDIT 15,000 To transfer finished goods to cost of goods sold How much is in ending raw materials inventory? > > > > How much is in ending work in process inventory? >> >> How much is in ending finished goods inventory? >> >>