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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