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Complete the missing figures:  Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year

Complete the missing figures:  Q15 Purchases of raw materials during that year Q16 Raw materials use in production during the year Q17 Cost of units completed during the year Q 18 Finished goods inventory Q19 Cost of units sold during the year

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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Complete the missing figures: 

Q15 Purchases of raw materials during that year

Q16 Raw materials use in production during the year

Q17 Cost of units completed during the year

Q 18 Finished goods inventory

Q19 Cost of units sold during the year 

Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 10% Inventory Information Raw Materials inventory, Jan 1, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 $624 Work in Process inventory, Jan 1, 2022 $1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year $845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year (Q19) Finished Goods inventory, Dec 31, 2022 $872
Transcribed Image Text:Part 3: Kirsh, Inc. Below is information re: Kirsh, Inc.'s inventory accounts. Please complete the missing figures. Income Statement Information Sales $1,500 Gross Margin Percentage 10% Inventory Information Raw Materials inventory, Jan 1, 2022 $530 Purchases of raw materials during the year (Q15) Raw materials used in production during the year (Q16) Raw Materials inventory, Dec 31, 2022 $624 Work in Process inventory, Jan 1, 2022 $1,850 Raw materials used in production during the year (Q16) Direct Labor costs incurred during the year $202 Manufacturing Overhead costs incurred during the year $845 Cost of units completed during the year (Q17) Work in Process inventory, Dec 31, 2022 $2,100 Finished Goods inventory, Jan 1, 2022 (Q18) Cost of units completed during the year $1,214 Cost of units sold during the year (Q19) Finished Goods inventory, Dec 31, 2022 $872
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