GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data. Cost of Goods Sold$ 384,000Work-in-Process Inventory, Beginning31,000Work-in-Process Inventory, Ending41,200Selling and Administrative Expense51,800Finished Goods Inventory, Ending15,600Finished Goods Inventory, Beginning?Direct Materials Purchased175,400Factory Overhead Applied118,000Operating Income24,200Direct Materials Inventory, Beginning19,200Direct Materials Inventory, Ending6,200Cost of Goods Manufactured344,000Direct Labor58,000 The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use?

The direct material are the materials that are used directly for the production process.

Answered: GigaBite Company's computer system…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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GigaBite Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the Chief Financial Officer's back-up computer data.

Cost of Goods Sold	$ 384,000
Work-in-Process Inventory, Beginning	31,000
Work-in-Process Inventory, Ending	41,200
Selling and Administrative Expense	51,800
Finished Goods Inventory, Ending	15,600
Finished Goods Inventory, Beginning	?
Direct Materials Purchased	175,400
Factory Overhead Applied	118,000
Operating Income	24,200
Direct Materials Inventory, Beginning	19,200
Direct Materials Inventory, Ending	6,200
Cost of Goods Manufactured	344,000
Direct Labor	58,000

The Chief Financial Officer of GigaBite Company has asked you to recalculate the following accounts and report to him by week's end.

What should be the amount of direct materials available for use?

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