Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Value Electronics manufactures and sells a line of smartphones. Unfortunately, Value Electronics suffered serious fire damage at its home office. As a result, the accounting

image text in transcribed
image text in transcribed
image text in transcribed
Value Electronics manufactures and sells a line of smartphones. Unfortunately, Value Electronics suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Value 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 a. Find the Cost of Goods Sold in October. Determine the Cost of Goods Sold in October by completing the following table. Revenues in October. Work in process inventory, October 31 . . \$ 1,900 Raw materials inventory, October 31.... \$ 3,300 Direct labor in October \$ 3,600 Manufacturing overhead in October ..... \$ 6,400 Work in process inventory, October 1... $0 Finished goods inventory, October 1$4,000 Direct materials used in October ...... $8,100 Gross profit in October \$ 12,600 \begin{tabular}{lll} Purchases of direct materials in October & $ & 9,100 \\ \hline \end{tabular} Requirement Find the following amounts: a. Cost of Goods Sold in October b. Beginning Raw Materials Inventory c. Ending Finished Goods Inventory

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

Auditing Compensation And Benefits Programs

Authors: Kelli W. Vito

1st Edition

0894136720, 978-0894136726

More Books

Students also viewed these Accounting questions

Question

How could an organization's culture be used as a control mechanism?

Answered: 1 week ago