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. $1,5o0 Finished goods inventory, October 1... Direct labour in October.... Purchase of direct materials in October Work in process inventory, October 1... Revenues in October.... Accounts receivable, October 1.... Gross profit in October.... 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 3,000 27,000 6,300 2,000 12,000 Required: Compute the following amounts Manufacturing costs Cost of goods manufactured in October Cost of goods sold in October Beginning direct materials inventory Ending finished goods inventory ii) iii) iv)

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. $1,5o0 Finished goods inventory, October 1... Direct labour in October.... Purchase of direct materials in October Work in process inventory, October 1... Revenues in October.... Accounts receivable, October 1.... Gross profit in October.... 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 3,000 27,000 6,300 2,000 12,000 Required: Compute the following amounts Manufacturing costs Cost of goods manufactured in October Cost of goods sold in October Beginning direct materials inventory Ending finished goods inventory ii) iii) iv)

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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Ron Howard recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2017) Ron was able to piece together the following information:Direct materials purchased $120,000 Work-in-process inventory, 3/1/2017 $ 35,000 Direct materials inventory, 3/1/2017 $ 12,500 Finished-goods inventory, 3/1/2017 $160,000 Conversion costs $330,000 Total manufacturing costs added during the period $420,000 Cost of goods manufactured 4 times direct materials used Gross margin as a percentage of revenues 20% Revenues $518,750 Calculate the cost of: 1. Finished-goods inventory, 3/31/2017 2. Work-in-process inventory, 3/31/2017 3. Direct materials inventory, 3/31/2017
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Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
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On November 30, 2022, there was a fire in the factory of Able Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged. Able uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31, 2022, and November 30, 2022, follows: October 31, 2022 November 30, 2022 Supplies (including both direct and indirect materials) $ 79,250 $ 73,250 Work in process inventory 58,875 ? Finished goods inventory 60,000 63,000 Cost of goods sold (year to date) 576,000 656,000 Accounts payable (relates to materials purchased only) 17,960 53,540 Manufacturing overhead incurred (year to date) 129,500 163,300 Manufacturing overhead applied 128,700 ? Other information for November 2022: Cash payments to…