FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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:
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Transcribed Image Text: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:
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