Delta Electronics manufactures and sells radio. 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. Deyou to help figure out the missing pieces of the accounting puzzle. Assume that Delta Electronics' Raw Materials Inventory contains only direct materials.E (Click the icon to view the arIounts.)Read the requirement.- XData tableEncing raw materiais inventoryc. Find the Ending Finished Goods Inventory.Work in process inventory, October 31...Snswer boxes. For accounts with a S0 balance, make sure to enter "0"Before we can determine the missing amount for ending Finished Goods Inventory, wappropriate column.)Finished goods inventory, October 1....S5,000Direct labor in October3,200Beginning work in process inventoryPurchases of direct materials in October S9,300Direct materials used8,700Work in process inventory, October 1....SDirect labor3,200$ 27,900$ 12,100$ 8,700Revenues in OctoberManufacturing overhead6,10018,000Gross profit in OctoberTotal manufacturing costs to account for18,000Direct materials used in October ....Ending work in process inventory1,300Raw materials inventory, October 31..... S 3,70016,700Manufacturing overhead in October ....$ 6,100Cost of goods manufacturedNow determine the Ending Finished Goods Inventory.Beginning finished goods inventory5000PrintDoneCost of goods manufactured16700Cost of goods available for sale21700Ending finished goods inventoryCost of goods sold

Name: Delta Electronics manufactures and sells radio. Unfortunately, the co
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Description: Delta Electronics manufactures and sells radio. 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. Deyou to help figur

The components of cost explained can be presented in the form of a statement known as Cost Sheet.…

Business

Accounting

als. E (Click the icon to view the amounts.) Read the requirement. - X Data table Encing raw materiais inventory c. Find the Ending Finished Goods Inventory. Work in process inventory, October 31...S 1,300 Finished goods inventory, October 1.. Before we can determine the missing amount for ending Finished Goods Inventory, w appropriate column.) $ 5,000 nswer boxes. For accounts with a $0 balance, make sure t Direct labor in October... $ 3,200 Beginning work in process inventory Purchases of direct materials in October S 9,300 Direct materials used $ 8,700 Work in process inventory, October 1... Direct labor 3,200 Revenues in October.... $ 27,900 Manufacturing overhead 6,100 18,000 Gross profit in October $ 12,100 18,000 Direct materials used in October... Raw materials inventory, October 31.. Manufacturing overhead in October.....S 6,100 Total manufacturing costs to account for $ 8,700 ...S 3,700 Ending work in process inventory 1,300 $ 16.700 Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Beginning finished goods inventory 5000 Print Done Cost of goods manufactured 16700 Cost of goods available for sale 21700

als. E (Click the icon to view the amounts.) Read the requirement. - X Data table Encing raw materiais inventory c. Find the Ending Finished Goods Inventory. Work in process inventory, October 31...S 1,300 Finished goods inventory, October 1.. Before we can determine the missing amount for ending Finished Goods Inventory, w appropriate column.) $ 5,000 nswer boxes. For accounts with a $0 balance, make sure t Direct labor in October... $ 3,200 Beginning work in process inventory Purchases of direct materials in October S 9,300 Direct materials used $ 8,700 Work in process inventory, October 1... Direct labor 3,200 Revenues in October.... $ 27,900 Manufacturing overhead 6,100 18,000 Gross profit in October $ 12,100 18,000 Direct materials used in October... Raw materials inventory, October 31.. Manufacturing overhead in October.....S 6,100 Total manufacturing costs to account for $ 8,700 ...S 3,700 Ending work in process inventory 1,300 $ 16.700 Cost of goods manufactured Now determine the Ending Finished Goods Inventory. Beginning finished goods inventory 5000 Print Done Cost of goods manufactured 16700 Cost of goods available for sale 21700

Accounting Information Systems

10th Edition

ISBN:9781337619202

Author:Hall, James A.

Publisher:Hall, James A.

Chapter10: The Rea Approach To Database Modeling

Section: Chapter Questions

Problem 9P

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The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 60,250 Finished Goods Inventory, Beginning 9,750 Finished Goods Inventory, Ending 6,600 Cost of Goods Sold ? Gross Margin 26,950 Direct Materials Used 10,450 Selling and Administrative Expense ? Operating Income 14,600 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,450 Direct Labor Used 9,225 Factory Overhead 12,300 Total Manufacturing Cost ? Cost of Goods Manufactured ? Cost of goods sold is calculated to be: Multiple Choice $32,300. $30,150. $27,300. $33,300. $38,300.
4. The financial records for the Lazer Manufacturing Company have been destroyed in a flood. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Required: Solve for each ? M Direct Materials Inventory Work In Process Inventory Dr. Cr. Dr. Cr. BB 8,000 BB 22,300 TO ? DM 180,500 TO ? TI ? DL 121,000 MOH 94,000 EB 9,700 EB 17,700 Finished Goods Inventory Dr. Cr. BB 14,200? TO ? TI TI ? EB ? Cost of Goods Sold Dr. Cr. 402,800 EB 402,800
The following information was taken from the accounting records of Elliott Manufacturing Corporation. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold ? Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense ? Operating Income 14,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost ? Cost of Goods Manufactured ? Selling and administrative expenses are calculated to be: Multiple Choice $4,000. $9,000. $11,000. $12,000. $16,000.
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory 8,900 ? ? Beg. Bal. Purchases End. Bal. Work-in-Process Inventory 8,400 ? 19,800 14,400 8,900 Beg. Bal. Materials Labor Overhead End. Bal. Beg. Bal. 7,300 Cost of Goods Sold 66,000 Finished Goods Inventory ? Transferred in End. Bal. 40, 400 5,100 Transferred Out Transferred Out Transferred Out What is the value of the ending Work-in-Process inventory balance?
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,900 ? Transferred Out Purchases ? End. Bal. 7,300 Cost of Goods Sold 66,000 Work-in-Process Inventory Beg. Bal. 8,400 ? Transferred Out Materials 19,800 Labor 14,400 Overhead 8,900 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 40,400 End. Bal. 5,100 What is the value of the ending Work-in-Process inventory balance? 1 8900 2 11100 3 5100 4 0
Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor hours. At the beginning of the year, the company estimated that total manufacturing overhead costs would be $300,000 and that 20,000 direct labor hours would be worked. At year-end, Anthony, the company's founder and CEO, gives you the following information regarding Oberti's operations. 1. The beginning balances in the inventory accounts were: Raw Materials Inventory $8,000 Work in Process Inventory $26,000 Finished Goods Inventory $32,000 2. During the year, the company purchased raw materials costing $97,000. All purchases were made on account. 3. The production department requisitioned $100,000 of raw materials for use in production. Of those, 70% were direct materials and 30% were indirect materials. 4. The company used 21,000 direct labor hours at a cost of $14 per hour during the year (credit…
Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting records for October were partially destroyed-and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Assume that Smooth Sounds' raw materials inventory contains only direct materials. Work in process inventory, October 31 $1,500 Finished goods inventory, October 1 4,300 Direct labor in October 3,000 Purchases of direct materials in October 9,000 Work in process inventory, October 1 0 Revenues in October 27,000 Gross profit in October 12,000 Direct materials used in October 8,000 Raw materials inventory, October 31 3,000 Manufacturing overhead in October 6,300 Manufacturing costs Cost of goods manufactured in October Cost of goods sold in October Beginning direct materials inventory Ending…
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.
4. Smooth Sounds manufactures and sells a new line of MP-3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home office. As a result, the accounting record for October were partially destroyed- and completely jumbled. Smooth Sounds has hired you to help figure out the missing pieces of the accounting puzzle. Work in process inventory, October 31. Finished goods inventory, October 1... Direct labour in October... Purchase of direct materials in October $1,500 Accounts payable, October 1.. Direct materials used in October. Accounts payable, October 31.. Accounts receivable, October 31.... Direct materials inventory, Oct. 31.... Manufacturing Overhead in October.. $3,000 8,000 4,300 3,000 9,000 5,200 6,500 Work in process inventory, October 1... Revenues in October.... Accounts receivable, October 1.. . Gross profit in October... 3,000 27,000 6,300 2,000 12,000 Required: Compute the following amounts i) ii) iii) iv) v) Manufacturing costs Cost of goods…
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning 9,000 Finished Goods Inventory, Ending 6,000 Cost of Goods Sold Gross Margin 25,000 Direct Materials Used 10,000 Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 Direct Labor Used 9,000 Factory Overhead 12,000 Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:
You are the accountant for Mon Inc., a manufacturer of automobiles. Mon Inc. has the following information available for you (assume there are no indirect materials). Only use numeric characters - do not use dollar signs, commas, decimal places, etc. Calculate the missing values at the bottom. Opening balance, Raw Materials: $ Opening balance, Work In Progress: $ Opening balance, Finished Goods: $ Raw materials transferred to factory: $ Cost of goods sent to finished goods warehouse: $ Cost of goods sold: $ Direct labour costs: $ Indirect labour costs: $ Utilities at head office: $ Purchase of supplies for factory: $ Purchase of automobile parts: $ Manufacturing Overhead transferred to Work In Progress: $ $ Ending balance, Raw Materials: Ending balance, Work In Progress: $ Ending balance, Finished Goods: $ 135 112 174 459 486 511 107 43 93 121 492 164
Easy Packs manufactures backpacks. Its plant records include the following materials-related data: (Click the icon to view the transactions.) Journalize the entries to record the transactions, post to the Raw Materials Inventory account, and determine the ending balance in Raw Materials Inventory. Journalize the entries to record the transactions. Begin by recording the journal entry for the purchases of materials. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Debit Credit Accounts and Explanation Data table Raw Materials Inventory, beginning balance Purchases of canvas, on account Purchases of sewing machine lubricating oil, on account Material requisitions: Canvas Sewing machine lubricating oil Print Done - X $ 35,000 73,000 1,400 66,000 550