5 B 9 0 B The following accounts contain information about January's production for Brotto Bold Industries. 11 12 131 14 15 16 17 18 19 20 21 22 Debit Debit Raw Materials 24,785 68,541 17,630 Debit Work In Process 29,856 68,542 44,150 41,174 25,870 Sales Revenue Credit Credit 75,696 157,852 Credit 256,963 256,963 Direct Materials Debit 68,542 Finished Goods Debit 32,585 157,852 15,852 Credit 29,875 11,462 41,337 68,542 Credit 174,585 Selling and Admin Expense. Debit Credit Debit Debit Direct Labor Cost of Goods Sold 174,585 174,585 Debit Credit 7,154 34,578 558 39,965 4,185 44,150 Manufacturing Overhead Credit Credit 41,174

5 B 9 0 B The following accounts contain information about January's production for Brotto Bold Industries. 11 12 131 14 15 16 17 18 19 20 21 22 Debit Debit Raw Materials 24,785 68,541 17,630 Debit Work In Process 29,856 68,542 44,150 41,174 25,870 Sales Revenue Credit Credit 75,696 157,852 Credit 256,963 256,963 Direct Materials Debit 68,542 Finished Goods Debit 32,585 157,852 15,852 Credit 29,875 11,462 41,337 68,542 Credit 174,585 Selling and Admin Expense. Debit Credit Debit Debit Direct Labor Cost of Goods Sold 174,585 174,585 Debit Credit 7,154 34,578 558 39,965 4,185 44,150 Manufacturing Overhead Credit Credit 41,174

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 4DQ: What are the components of cost of goods available for sale and cost of goods sold?

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Concept explainers

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.

Question

A
B
2 The following accounts contain information about January's production for Brotto Bold Industries.
31
4
5
6
7
8
9
10
11
NESSARAND
12
15
20
21
Debit
Debit
Raw Materials
24,785
68,541
17,630
Work In Process
Debit
29,856
68,542
44,150
41,174
25,870
Sales Revenue
Credit
Credit
75,696
157,852
Credit
256,963
256,963
Direct Materials
Debit
68,542
Finished Goods
Debit
32,585
157,852
Credit
29,875
11,462
41,337
68,542
Credit
174,585
15,852
Selling and Admin Expense
Debit
Credit
q
Debit
Debit
Direct Labor
Cost of Goods Sold
174,585
174,585
Debit
Credit
7,154
34,578
558
39,965
4,185
44,150
Manufacturing Overhead
Credit
Credit
41,174

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