Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods. Aug. 4, 20X5 Aug. 8, 20X5 Aug. 8, 20X5 Aug. 9, 20X5 Aug. 10, 20X5 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. Transferred 60% of the raw materials purchased on August 4 into production. Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Transferred completed awnings with total assigned of $4,400 to finished goods. Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash.

All of the following are a part of calculating Cost of Goods Sold EXCEPT: O Work In Process Inventory, Beginning Balance O. Finished Goods Inventory, Ending Balance Cost of Goods Manufactured O Finished Goods Inventory, Beginning Balance

Manufacturing firms use which of the following three inventory accounts?   A. Materials, Work-in-process, Transferred-out.   B. Materials, Work-in-process, Finished goods.   C. Materials, Finished goods, Transferred-out.   D. Work-in-process, Finished goods, Transferred-out.

39) As soon as products are Materials Inventory to Finished-Goods Inventory. completed, their product costs are transferred from Raw